Solana (SOL) Trades Heavy Below $90 As Breakdown Risk Grows
Analysis
Price Impact
HighSolana (sol) has failed to hold above the $90 mark and is actively trading below $85, with key resistance levels at $81 and $85. technical indicators like the 100-hourly simple moving average, bearish trend line, macd gaining pace in the bearish zone, and rsi below 50 all point to increasing breakdown risk. a dip below $76 could lead to further losses towards $72.50, $68, and potentially $60.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts, meticulously reviewed, and adhering to the highest standards in reporting and publishing.
Price Direction
BearishThe price action shows a clear downside correction after failing to surpass $90. sol is trading below critical resistance levels and moving averages. the formation of a bearish trend line and bearish momentum in macd and rsi suggest a strong likelihood of further declines, with significant support levels potentially being breached.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance and support levels, and technical indicators suggesting a 'near term' price movement, indicating short-term volatility and potential declines.
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana failed to stay above $90 and corrected gains. SOL price is now trading below $85 and might find bids near the $76 zone. SOL price started a downside correction below $85 against the US Dollar. The price is now trading below $82 and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $81 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $76 zone. Solana Price Starts Downside Correction Solana price failed to surpass $90 and started a downside correction, like Bitcoin and Ethereum . SOL dipped below $85 and $82 to enter a short-term bearish zone. There was a move below the 50% Fib retracement level of the upward wave from the $67.40 swing low to the $89.72 high. Besides, there is a bearish trend line forming with resistance at $81 on the hourly chart of the SOL/USD pair. Source: SOLUSD on TradingView.com Solana is now trading below $80 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $81 level and the trend line. The next major resistance is near the $82.20 level. The main resistance could be $85. A successful close above the $85 resistance zone could set the pace for another steady increase. The next key resistance is $90. Any more gains might send the price toward the $102 level. More Losses In SOL? If SOL fails to rise above the $82 resistance, it could start another decline. Initial support on the downside is near the $76 zone and the 61.8% Fib retracement level of the upward wave from the $67.40 swing low to the $89.72 high. The first major support is near the $72.50 level. A break below the $72.50 level might send the price toward the $68 support zone. If there is a close below the $68 support, the price could decline toward the $60 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $76 and $72.50. Major Resistance Levels – $81 and $85.