Solana (SOL) faces another rejection, or is it facing a deeper correction?

Solana failed to reach above $90 and deepened its losses. The SOL price is currently consolidating losses below $85 and may struggle to start a recovery wave.

The SOL price began a up-to-date decline below $88 and $85 against the US dollar.
The price is currently below $85 and the 100-hour straightforward moving average.
A bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at USD 85.50 (data source from Kraken).
The price could start a recovery wave if the bulls defend $82 or $80.

Solana’s price drops below $85

Solana’s price failed to stay stable above $90 and began a up-to-date decline, similar to Bitcoin and Ethereum. SOL fell below the $88 and $86 levels.

The bears even raised the price to $82. The low formed at $82.92 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $90.75 to the low of $82.92.

Solana is currently trading below $86 and the 100-hour straightforward moving average. On the other hand, immediate resistance is located near the $85 level. A bearish trend line is also forming on the hourly chart of the SOL/USD pair with resistance at $85.50.

The next major resistance is located near the $86.80 level or the 50% Fib retracement level in a move down from the $90.75 high to the $82.92 low. The main resistance could be $88. A successful close above the $88 resistance zone could set the pace for further sustained growth. The next key resistance is $90. Any further gains could push the price towards the $92 level.

More losses in SOL?

If SOL fails to break above the resistance at $86.80, it may continue to decline. Initial downside support is located near the $82.80 zone. The first major support is located near the $82 level.

A break below the $82 level could push the price towards the $80 support zone. If a close occurs below the $80 support, the price could drop towards the $76 support in the near future.

Technical indicators

Hourly MACD – The MACD for SOL/USD is gaining momentum in a bearish zone.

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

Major support levels – $82 and $80.

Major resistance levels – $86.80 and $88.00.