Solana (SOL) Trims Recent Gains, Market Sentiment Turns Fragile Again

Solana failed to stay above 86 and corrected some gains. SOL price is now consolidating and might aim for another increase if it stays above 82.50. SOL price started a downside correction below 85 against the US Dollar. The price is now trading below 85 and the 100-hourly simple moving average. There is a declining channel forming with support at 82.50 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend losses if it dips below the 82.50 zone. Solana Price Dips Again Solana price failed to stay above 86 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below 85 and 84 to enter a short-term bearish zone. There was a move below the 50 Fib retracement level of the upward wave from the 81.37 swing low to the 87.39 high. The price even tested the 83.65 support. Besides, there is a declining channel forming with support at 82.50 on the hourly chart of the SOL/USD pair. Solana is now trading below 85 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the 85.50 level. The next major resistance is near the 86 level. The main resistance could be 87.40. A successful close above the 87.40 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 95 level. Downside Break In SOL? If SOL fails to rise above the 86 resistance, it could start another decline. Initial support on the downside is near the 83.50 zone and the 61.8 Fib retracement level of the upward wave from the 81.37 swing low to the 87.39 high. The first major support is near the 82.50 level. A break below the 82.50 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 bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – 83.50 and 82.50. Major Resistance Levels – 85.50 and 87.40.