Solana (SOL) Maintains Strength, Gradual Gains Signal Bullish Bias

The pair could extend losses if it dips below the 80 zone. Solana Price Remains Supported Solana price failed to stay above 85 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below 84 and 83.50 to enter a short-term bearish zone. There was a move below the 50 Fib retracement level of the upward wave from the 81.42 swing low to the 85.89 high. The price even tested the 83 support. Besides, there is a bullish trend line forming with support at 82.50 on the hourly chart of the SOL/USD pair. Solana is now trading above 83 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the 84 level. The next major resistance is near the 85 level. 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 95. Any more gains might send the price toward the 100 level. Downside Break In SOL? If SOL fails to rise above the 85 resistance, it could start another decline. Initial support on the downside is near the 82.5 zone, the trend line, and the 76.4 Fib retracement level of the upward wave from the 81.42 swing low to the 85.89 high. The first major support is near the 81.40 level. A break below the 81.40 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 76.50 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 – 82.50 and 80.00. Major Resistance Levels – 85.00 and 88.00.