Solana’s price experienced a correction from the $85.50 level but has shown resilience, maintaining stability above the $83 mark, similar to the movements of Bitcoin and Ethereum. SOL established a low around $83.20 and initiated a new upward trajectory. The price surged past the $84 mark, stepping into a brief bullish territory. The asset has exceeded the 50% Fibonacci retracement level of the decline from the $85.85 swing high to the $83.27 low. Additionally, a bullish trend line is emerging, with support positioned at $84.00 on the hourly chart of the SOL/USD pair.
Solana has surged past the $84 mark, trading above the 100-hourly simple moving average. The price is encountering resistance around $85.20, coinciding with the 76.4% Fibonacci retracement level from the downward movement that started at the $85.85 swing high and dipped to the $83.27 low. The upcoming significant resistance is around the $85.50 mark. The primary resistance level appears to be $88. A successful close above the $88 resistance zone may pave the way for another steady increase. The upcoming crucial resistance level is set at $90. Further gains could propel the price to the $95 mark.
If SOL does not manage to break through the $85.50 resistance level, it may initiate another downward trend. Initial support on the downside is positioned around the $83.80 zone, along with the trend line. The initial significant support is around the $82.50 mark. A drop beneath the $82.50 threshold could propel the price down to the $80 support area. A close below the $78 support level could signal a potential decline toward the $72 support in the near term.