Solana (SOL) Pressured Below Key Levels, Further Drop Possible?
Analysis
Price Impact
HighSolana (sol) failed to maintain key levels at $86 and $84, trading below the 100-hourly simple moving average. the formation of a bearish trend line and technical indicators like rsi below 50 suggest a significant risk of further declines, potentially breaking $80 and heading towards $79 or even $72 if critical support levels are not held.
Trustworthiness
HighThe source explicitly states a strict editorial policy focused on accuracy, relevance, and impartiality, created by industry experts and meticulously reviewed, adhering to the highest standards in reporting and publishing.
Price Direction
BearishThe price is currently trading below significant resistance levels and the 100-hourly sma. technical analysis indicates a bearish trend line, macd losing bullish momentum, and rsi below 50, all pointing to a potential downside extension, especially if the $80 support fails.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels ($80, $79, $76.50, $72), and 'near term' price movements, indicating an expectation of price action in the coming hours to days.
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Article Content:
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 $86 and corrected gains. SOL price is now below $84 and remains at risk of more losses below $80. SOL price started a downside correction below $86 against the US Dollar. The price is now trading below $85 and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $84 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the $80 zone. Solana Price Dips Further Solana price failed to stay above $90 and started a downside correction, like Bitcoin and Ethereum . SOL dipped below $88 and $86 to enter a short-term bearish zone. There was a move below the 61.8% Fib retracement level of the upward wave from the $76.55 swing low to the $91.20 high. The price even tested the $80 support. Besides, there is a bearish trend line forming with resistance at $84 on the hourly chart of the SOL/USD pair. Source: SOLUSD on TradingView.com Solana is now trading below $84 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $83 level. The next major resistance is near the $84 level. The main resistance could be $85.60. A successful close above the $85.60 resistance zone could set the pace for another steady increase. The next key resistance is $88. Any more gains might send the price toward the $92 level. More Losses In SOL? If SOL fails to rise above the $85 resistance, it could start another decline. Initial support on the downside is near the $80 zone and the 76.4% Fib retracement level of the upward wave from the $76.55 swing low to the $91.20 high. The first major support is near the $79 level. A break below the $79 level might send the price toward the $76.50 support zone. If there is a close below the $76.50 support, the price could decline toward the $72 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $80 and $79. Major Resistance Levels – $85 and $88.