Solana’s price has retraced from the $90 level but has shown resilience, maintaining stability above the $85 mark, similar to the movements observed in Bitcoin and Ethereum. SOL established a low around $85 and initiated a new upward trajectory. The price surged past the $85 mark, stepping into a brief bullish territory. The asset has exceeded the 50% Fibonacci retracement level of the decline from the $89.34 swing high to the $84.55 low. Additionally, a bullish trend line is taking shape, with support positioned at $86.50 on the hourly chart of the SOL/USD pair.
Solana has surged past the $87 mark, currently trading above the 100-hourly simple moving average. On the upside, the price encounters resistance around $88.20, coinciding with the 76.4% Fibonacci retracement level of the decline from the $89.34 swing high to the $84.55 low. The next significant resistance point is around the $90 mark. The primary resistance level appears to be $92. A successful close above the $92 resistance zone could pave the way for another steady increase. The upcoming crucial resistance level stands at $100. Further gains could propel the price to the $105 mark.
If SOL is unable to break through the $90 resistance level, it may initiate another downward trend. Initial support on the downside is positioned around the $86.50 zone and the trend line. The initial significant support is located around the $85 mark. A drop beneath the $85 threshold could propel the price down to the $80 support area. A close below the $78 support level may trigger a decline towards the $72 support in the near term.