Solana (SOL) Strength Improves, $90 Resistance Keeps Traders Cautious

The pair could extend gains if it clears the 90 resistance zone. Solana Price Starts Fresh Increase Solana price started a decent increase after it settled above the 85 zone, like Bitcoin and Ethereum. SOL climbed above the 86 level to enter a short-term positive zone. The price even smashed the 88 resistance. A high was formed at 89.95, and the price is now consolidating gains. There was a minor decline below the 23.6 Fib retracement level of the recent upward move from the 83.27 swing low to the 89.95 high. Solana is now trading above 87 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at 87.40 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near 89. The next major resistance is near the 90 level. The main resistance could be 92. A successful close above the 92 resistance zone could set the pace for another steady increase. The next key resistance is 100. Any more gains might send the price toward the 102 level. Downside Correction In SOL? If SOL fails to rise above the 90 resistance, it could start another decline. Initial support on the downside is near the 87.40 zone. The first major support is near the 85.80 level and the 61.8 Fib retracement level of the recent upward move from the 83.27 swing low to the 89.95 high. A break below the 85.80 level might send the price toward the 83.20 support zone. If there is a close below the 82 support, the price could decline toward the 76.50 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level. Major Support Levels – 87.40 and 85.80 Major Resistance Levels – 89.00 and 90.00.