Solana (SOL) Plunges Lower, Market Sentiment Turns Sharply Bearish

Solana failed to settle above 85 and trimmed most gains. SOL price is now consolidating losses above 80 and might continue to move down. SOL price started a fresh decline below 84 and 82 against the US Dollar. The price is now trading below 82 and the 100-hourly simple moving average. There was a break below a declining channel with support at 82 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend 80 or 78.50. Solana Price Dips From 85 Solana price failed to remain stable above 84 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the 82 and 81.50 levels. Besides, there was a break below a declining channel with support at 82 on the hourly chart of the SOL/USD pair. The bears even pushed the price toward 80. A low was formed at 79.92, and the price is now consolidating losses below the 23.6 Fib retracement level of the downward move from the 84.65 swing high to the 79.92 low. Solana is now trading below 82 and the 100-hourly simple moving average. On the upside, immediate resistance is near the 81.10 level. The next major resistance is near the 82.20 level or the 50 Fib retracement level of the downward move from the 84.65 swing high to the 79.92 low. The main resistance could be 82.80. A successful close above the 82.80 resistance zone could set the pace for another steady increase. The next key resistance is 84.50. Any more gains might send the price toward the 85 level. More Losses In SOL? If SOL fails to rise above the 82.80 resistance, it could continue to move down. Initial support on the downside is near the 80 zone. The first major support is near the 78.50 level. A break below the 78.50 level might send the price toward the 72 support zone. If there is a close below the 72 support, the price could decline toward the 70 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 – 79.92 and 78.50. Major Resistance Levels – 82.20 and 82.80.