Solana found support at $82.50 and corrected some losses. SOL price has currently consolidated above $85 and could be targeting a steady increase.
- SOL prices showed a decent recovery above $84 and $85 against the US dollar.
- The price is currently trading above $85 and the 100-hour simple moving average.
- The hourly chart of the SOL/USD pair shows a bullish trendline with support at $85.00 (data source from Kraken).
- The price may continue to rise once $85.80 and $88.00 are cleared.
Solana price recovery begins
The price of Solana remained stable and, like Bitcoin and Ethereum, started a significant recovery from $82.50. SOL could rise above the $85 level.
There was a move above the 50% Fib retracement level with a downward move from the $87.74 swing high to the $82.74 low. Moreover, on the hourly chart of the SOL/USD pair, a bullish trendline is formed with support at $85.00.
However, bears are active near $85.80 and there is a 61.8% Fib retracement level moving down from the $87.74 swing high to the $82.74 low. Solana is currently trading above $85 and the 100-hour simple moving average.
On the other hand, immediate resistance is close to the $85.80 level. The next major resistance is near the $86.50 level. Major resistance could be $88. A successful break above the $88 resistance zone could set another steady upward pace. The next major resistance is $95. Any more profits could push the price down to the $102 level.
Another decline in SOL?
If SOL fails to rise above the $85.80 resistance, the decline may continue. Initial support on the downside is near the $85 area. The first major support is near the $84 level.
A break below the $84 level may lead the price towards the $82.50 support. A close below the $82.50 support could cause the price to decline towards the $77 area in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $84.00 and $82.50.
Key resistance levels – $85.80 and $88.00.