Solana (SOL) Strength Fades, Will Bulls Regain Momentum Soon?

The price could start a recovery wave if the bulls defend 85.50 or 85. Solana Price Dips From 90 Solana price failed to remain stable above 90 and started a fresh decline, unlike Bitcoin and Ethereum. SOL declined below the 88 and 87 levels. The bears even pushed the price toward 85. A low was formed at 85.55, and the price is now consolidating losses below the 23.6 Fib retracement level of the downward move from the 89.34 swing high to the 85.55 low. Solana is now trading near 86 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at 85.50 on the hourly chart of the SOL/USD pair. On the upside, immediate resistance is near the 87 level. The next major resistance is near the 87.80 level or the 61.8 Fib retracement level of the downward move from the 89.34 swing high to the 85.55 low. The main resistance could be 88.80. A successful close above the 88.80 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 87.80 resistance, it could continue to move down. Initial support on the downside is near the 85.50 zone. The first major support is near the 84 level. A break below the 84 level might send the price toward the 82 support zone. If there is a close below the 82 support, the price could decline toward the 80 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 – 85.50 and 84.00. Major Resistance Levels – 87.80 and 88.80.