Solana (SOL) Rebound Feels Exhausted—Are Sellers Taking Over Again?

The price could start a recovery wave if the bulls defend 83.00 or 82.50. Solana Price Dips From 88 Solana price failed to remain stable above 88 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the 86 and 85 levels. The bears even pushed the price toward 83. A low was formed at 82.96, and the price is now consolidating losses. There was a minor recovery wave above the 23.6 Fib retracement level of the downward move from the 88.08 swing high to the 82.96 low. Besides, there was a break above a connecting bearish trend line with resistance at 84 on the hourly chart of the SOL/USD pair. Solana is now trading near 85 and the 100-hourly simple moving average. On the upside, immediate resistance is near the 85.50 level or the 50 Fib retracement level of the downward move from the 88.08 swing high to the 82.96 low. The next major resistance is near the 86.80 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 90. Any more gains might send the price toward the 92 level. More Losses In SOL? If SOL fails to rise above the 85.50 resistance, it could continue to move down. Initial support on the downside is near the 83.50 zone. The first major support is near the 83 level. A break below the 83 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 75 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – 84.00 and 82.00. Major Resistance Levels – 85.50 and 88.00.