Solana (SOL) Faces Another Rejection, Is A Deeper Correction Ahead?

The price could start a recovery wave if the bulls defend 82 or 80. Solana Price Dips Below 85 Solana price failed to remain stable above 90 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the 88 and 86 levels. The bears even pushed the price toward 82. A low was formed at 82.92, and the price is now consolidating losses below the 23.6 Fib retracement level of the downward move from the 90.75 swing high to the 82.92 low. Solana is now trading below 86 and the 100-hourly simple moving average. On the upside, immediate resistance is near the 85 level. There is also a bearish trend line forming with resistance at 85.50 on the hourly chart of the SOL/USD pair. The next major resistance is near the 86.80 level or the 50 Fib retracement level of the downward move from the 90.75 swing high to the 82.92 low. The main resistance could be 88. A successful close above the 88 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 92 level. More Losses In SOL? If SOL fails to rise above the 86.80 resistance, it could continue to move down. Initial support on the downside is near the 82.80 zone. The first major support is near the 82 level. A break below the 82 level might send the price toward the 80 support zone. If there is a close below the 80 support, the price could decline toward the 76 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 – 82 and 80. Major Resistance Levels – 86.80 and 88.00.