Solana (SOL) Recovery Faces Hurdles, Can Bulls Get Through?

Solana found support at $77 and corrected some of its losses. The SOL price is currently consolidating above $80 and may look to continue to rise.

The SOL price has started a decent rally above $80 and $82 against the US dollar.
The price is currently above $80 and the 100-hour uncomplicated moving average.
On the hourly chart, the SOL/USD pair broke out above the key bearish trend line with resistance at $80 (data source Kraken).
The price may continue to rise if it reaches the $82.80 and $85 levels.

Solana Price is starting to make up for losses

Solana’s price remained stable and started a decent rally from $77, similar to Bitcoin and Ethereum. SOL was able to climb above the $80 level.

There has been a move above the 50% Fib retracement level as part of a move down from a high of $86.63 to a low of $76.70. Additionally, there was a break above the key bearish trend line with resistance at $80 on the hourly chart of the SOL/USD pair.

However, bears are energetic near $82.80. Solana is currently trading above $80 and the 100-hour uncomplicated moving average. On the other hand, immediate resistance is located near the $82.80 level or the 61.8% Fib retracement level as part of a downward move from the high of $86.63 to the low of $76.70.

The next major resistance is near the $85 level. 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 $95. Any further gains could push the price towards the $102 level.

Another SOL decline?

If SOL fails to break above the resistance at $82.80, it may continue to decline. Initial downside support is near the $80 zone. The first major support is located near the $77 level.

A break below the $77 level could push the price towards the $75 support zone. If a close occurs below the $75 support level, the price could drop towards the $66 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 – $80.00 and $77.00.

Major resistance levels – $82.80 and $85.00.