Solana failed to break above $84 and pared most of its gains. SOL price is currently consolidating losses above $78 and may continue to decline.
- The SOL price began a modern decline below $82 and $81.20 against the US dollar.
- The price is currently below $81.20 and the 100-hour plain moving average.
- A bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at USD 82.00 (data source from Kraken).
- The price could start a recovery wave if the bulls defend $78.80 or $78.00.
Solana prices drop from $84
Solana’s price failed to stay stable above $83.20 and began a modern decline, similar to Bitcoin and Ethereum. SOL fell below the $82 and $81.50 levels.
The bears even raised the price to $80. The bottom was formed at $79.01 and the price is currently consolidating losses. There was a break above the 38.2% Fib retracement level in a move down from a high of $83.26 to a low of $79.01.
Solana is currently trading below $81.20 and the 100-hour plain moving average. On the other hand, immediate resistance is located near the $81.10 level or the 50% Fib retracement level during the move down from the $83.26 high to the $79.01 low.
The next major resistance is near the $82.00 level. The main resistance could be $82.80. A successful close above the resistance zone at $82.80 could set the pace for further sustained growth. The next key resistance is $84.50. Any further gains could push the price towards the $85 level.
More losses in SOL?
If SOL fails to break above the resistance at $82.00, it may continue to decline. Initial downside support is located near the $79 zone. The first major support is located near the $78.00 level.
A break below the $78.00 level could push the price towards the $75 support zone. If a close occurs below the $75 support, the price may drop towards the $70 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 – $79.00 and $78.00.
Major resistance levels – $81.20 and $82.00.
