Solana price held steady and initiated a notable recovery wave from $83.50, mirroring the movements of Bitcoin and Ethereum. SOL managed to rise above the $85 mark. There was a notable move above the 38.2% Fibonacci retracement level of the downward trend from the $93.63 swing high to the $83.35 low. However, the bears continued to exert pressure below $88. There is a rising channel taking shape, with resistance identified at $88.50 on the hourly chart of the SOL/USD pair.
Solana is currently trading above $86 and has surpassed the 100-hourly simple moving average. On the upside, immediate resistance is positioned around the $88.00 mark. The next significant resistance is positioned around the $88.50 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $93.63 swing high to the $83.35 low. The primary resistance level appears to be set at $90. A successful close above the $90 resistance zone could set the pace for another steady increase. The next key resistance stands at $92. Further gains could propel the price towards the $94 mark.
If SOL fails to rise above the $88.50 resistance, it could continue to move down. Initial support on the downside is positioned around the $86.20 zone. The first major support is positioned around the $85.00 level. A break below the $85.00 level could potentially push the price down toward the $83.50 support zone. If the price closes below the $83.50 support level, we could see a decline toward the $80 zone in the near term.