Solana (SOL) Price Analysis: Bears Take Control Below $90

  • Solana price gained bearish momentum below the $90 level against the US Dollar.
  • The price is now trading below $88 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $85.80 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair could recover, but the upsides might be limited above the $90 resistance.

Solana price is trading in a bearish zone below $90 against the US Dollar, like Bitcoin. SOL could accelerate further lower if it stays below the $88.00 resistance zone.

Solana (SOL) Price Analysis

SOL price started a major decline below the $95 support zone. The price gained bearish momentum below the $90 support zone. The bears were able to push the price below the $88 and $85 support levels.

A low was formed near $78.14 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $82 level. There was already a spike above the 23.6% Fib retracement level of the downward move from the $103.49 swing high to the $78.14 low.

On the upside, immediate resistance is near the $85.50 level. There is also a key bearish trend line forming with resistance near $85.80 on the 4-hour chart of the SOL/USD pair.

The next major resistance is near the $90 level or the 50% Fib retracement level of the downward move from the $103.49 swing high to the $78.14 low. A clear move above the $90 and $90.50 resistance levels might call for a steady increase.

The next major resistance sits near the $100 level, above which the price might rise toward $105. Any more gains might send SOL price toward the $120 resistance zone.

On the downside, initial support is near the $80 level. A downside break below the $80 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $72.00 level.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is trading below $90 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $90 resistance.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $80 and $72.

Key Resistance Levels – $85.50, $90.00, and $95.00.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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