Solana (SOL) Loses $80 Floor, Downtrend Signals | Crypto News
Solana failed to settle above $92 and prolonged losses. SOL price is now consolidating losses below $85 and may battle to start a recovery wave.
- SOL price began a recent decline below $85 and $82 against the US Dollar.
- The price is now trading below $82 and the 100-hourly simple shifting average.
- There is a key bearish development line forming with resistance at $82 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price may start a recovery wave if the bulls defend $75 or $70.
Solana Price Dips Over 5%
Solana price failed to stay steady above $95 and began a recent decline, like Bitcoin and Ethereum. SOL declined below the $90 and $85 help ranges.
The price gained bearish momentum below $82. A low was fashioned at $77.30, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement degree of the downward transfer from the $86.68 swing high to the $77.30 low.
Solana is now trading below $80 and the 100-hourly simple shifting average. On the upside, instant resistance is close to the $80 degree. The next major resistance is close to the $82 degree or the 50% Fib retracement degree of the downward transfer from the $86.68 swing high to the $77.30 low. There is also a key bearish development line forming with resistance at $82 on the hourly chart of the SOL/USD pair.
The main resistance could possibly be $83.10. A profitable close above the $83.10 resistance zone may set the tempo for another regular increase. The next key resistance is $87. Any more good points may ship the price toward the $92 degree.
More Losses In SOL?
If SOL fails to rise above the $82 resistance, it may continue to transfer down. Initial help on the draw back is close to the $77 zone. The first major help is close to the $75 degree.
A break below the $75 degree may ship the price toward the $70 help zone. If there’s a close below the $70 help, the price may decline toward the $62 help in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 degree.
Major Support Levels – $77 and $75.
Major Resistance Levels – $80 and $82.
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