Solana (SOL) below $80 threatens to restart its brutal downtrend

Solana failed to break above $90 and remained rangebound. SOL price is currently facing headwinds near $90-92 and may fall below $80 again.

The SOL price has started a decent rally above $75 and $80 against the US dollar.
The price is currently above $85 and the 100-hour straightforward moving average.
A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $88 (data source from Kraken).
The price could continue to rise if it reaches $88 and $92.

Solana’s price faces resistance

Solana price remained stable and started a decent rally from $68, similar to Bitcoin and Ethereum. SOL was able to climb above the $75 level.

There was a move above the 50% Fib retracement level in a downward move from a high of $106 to a low of $68. However, bears are lively below $90. A key bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $88.

Solana is currently trading above $80 and the 100-hour straightforward moving average. On the other hand, immediate resistance is located near the $88 level and the trend line.

The next major resistance is located near the $92 level and the 61.8% Fib retracement level, which is a downward move from the high at $106 to the low of $68. The main resistance could be $95. A successful close above the $95 resistance zone could set the pace for further sustained growth. The next key resistance is $102. Any further gains could push the price towards the $112 level.

Another SOL decline?

If SOL fails to break above the $92 resistance, it may continue to decline. Initial downside support is located near the $84 zone. The first major support is near the $80 level.

A break below the $80 level could push the price towards the $72 support zone. If a close occurs below the support at $72, the price may drop towards the $68 zone in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major support levels – $84 and $80.

Major resistance levels – $88 and $92.