Solana found support at $90 and corrected some losses. SOL price is now consolidating below $94 and might struggle to continue higher.
- SOL price started a decent recovery wave above $91 and $92 against the US Dollar.
- The price is now trading below $94 and the 100-hourly simple moving average.
- There is a bearish trend line forming with resistance at $92.90 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $92.90 and $94.00.
Solana Price Starts Recovery
Solana price remained stable and started a decent recovery wave from $90, like Bitcoin and Ethereum. SOL was able to climb above the $91.50 level.
There was a move above the 50% Fib retracement level of the downward move from the $95.92 swing high to the $89.89 low. However, the bears remained active below $94. There is also a bearish trend line forming with resistance at $92.90 on the hourly chart of the SOL/USD pair.
Solana is now trading below $92 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $92.90 level. The next major resistance is near the $93.60 level or the 61.8% Fib retracement level of the downward move from the $95.92 swing high to the $89.89 low.
The main resistance could be $94. A successful close above the $94 resistance zone could set the pace for another steady increase. The next key resistance is $96. Any more gains might send the price toward the $98 level.
Another Decline In SOL?
If SOL fails to rise above the $92.90 resistance, it could continue to move down. Initial support on the downside is near the $91.30 zone. The first major support is near the $90 level.
A break below the $90 level might send the price toward the $88 support zone. If there is a close below the $88 support, the price could decline toward the $84 zone 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 – $91.30 and $90.00.
Major Resistance Levels – $92.90 and $94.00.
