Solana (SOL) Recovery Faces Roadblocks, Can Bulls Push Through?

The price could continue to move up if it clears 82.80 and 85. Solana Price Starts Recovery Solana price remained stable and started a decent recovery wave from 77, like Bitcoin and Ethereum. SOL was able to climb above the 80 level. There was a move above the 50 Fib retracement level of the downward move from the 86.63 swing high to the 76.70 low. Besides, there was a break above a key bearish trend line with resistance at 80 on the hourly chart of the SOL/USD pair. However, the bears are active near 82.80. Solana is now trading above 80 and the 100-hourly simple moving average. On the upside, immediate resistance is near the 82.80 level or the 61.8 Fib retracement level of the downward move from the 86.63 swing high to the 76.70 low. 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 102 level. Another Decline 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 77 level. A break below the 77 level might send the price toward the 75 support zone. If there is a close below the 75 support, the price could decline toward the 66 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 – 80.00 and 77.00. Major Resistance Levels – 82.80 and 85.00.