Solana found support at $82.50 and corrected some losses. SOL price is now consolidating above $85 and might aim for a steady increase.
- SOL price started a decent recovery wave above $84 and $85 against the US Dollar.
- The price is now trading above $85 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $85.00 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $85.80 and $88.00.
Solana Price Starts Recovery
Solana price remained stable and started a decent recovery wave from $82.50, like Bitcoin and Ethereum. SOL was able to climb above the $85 level.
There was a move above the 50% Fib retracement level of the downward move from the $87.74 swing high to the $82.74 low. Besides, there is a bullish trend line forming with support at $85.00 on the hourly chart of the SOL/USD pair.
However, the bears are active near $85.80 and the 61.8% Fib retracement level of the downward move from the $87.74 swing high to the $82.74 low. Solana is now trading above $85 and the 100-hourly simple moving average.
On the upside, immediate resistance is near the $85.80 level. The next major resistance is near the $86.50 level. The main resistance could be $88. A successful close above the $88 resistance zone could set the pace for another steady increase. The next key resistance is $95. Any more gains might send the price toward the $102 level.
Another Decline In SOL?
If SOL fails to rise above the $85.80 resistance, it could continue to move down. Initial support on the downside is near the $85 zone. The first major support is near the $84 level.
A break below the $84 level might send the price toward the $82.50 support zone. If there is a close below the $82.50 support, the price could decline toward the $77 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $84.00 and $82.50.
Major Resistance Levels – $85.80 and $88.00.
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