Solana (SOL) Rebounds Again, Buyers Target Next Upside Leg

The price could continue to move up if it clears 84.50 and 85.00. Solana Price Starts Recovery Solana price remained stable and started a decent recovery wave from 81.40, like Bitcoin and Ethereum. SOL was able to climb above the 82.50 level. There was a move above the 50 Fib retracement level of the downward move from the 85.48 swing high to the 81.40 low. Besides, there was a break above a bearish trend line with resistance at 83.45 on the hourly chart of the SOL/USD pair. However, the bears are active below 85.00 and the 76.4 Fib retracement level of the downward move from the 85.48 swing high to the 81.40 low. Solana is now trading near 84 and the 100-hourly simple moving average. On the upside, immediate resistance is near the 84.50 level. The next major resistance is near the 85.50 level. The main resistance could be 87. A successful close above the 87 resistance zone could set the pace for another steady increase. The next key resistance is 92. Any more gains might send the price toward the 102 level. Another Decline 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 83.45 zone. The first major support is near the 82.50 level. A break below the 82.50 level might send the price toward the 81.40 support zone. If there is a close below the 81.40 support, the price could decline toward the 77 zone 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 – 82.50 and 81.40. Major Resistance Levels – 84.50 and 85.50.