Solana’s recent trading performance has shown signs of a notable correction following its inability to maintain levels above $90. Currently, the SOL price has fallen below $85, with forecasts suggesting it might find support near the $76 range.
After failing to surpass the $90 threshold, Solana’s price entered a downside correction similar to trends observed with major cryptocurrencies like Bitcoin and Ethereum. The SOL price has dropped below both the $85 and $82 mark, indicating a shift into a short-term bearish sentiment. This decline corresponds with a move beneath the 50% Fibonacci retracement level from its recent surge, which ranged from a low of $67.40 to a high of $89.72.
Currently, Solana trades below the 100-hourly simple moving average, indicating a shift towards a bearish outlook. A bearish trend line is also evident, with resistance forming at approximately $81 on the hourly chart for the SOL/USD pair, indicating that further losses could ensue if prices dip below the critical $76 support zone.
As the market dynamics unfold, resistance seems to be solid at the $81 level with additional pressure noted at $82.20. A breakout above the $85 resistance could pave the way for a later surge towards $90 and potentially up to $102. However, any failure to overcome the $82 resistance might encourage another decline in market value.
The initial support levels for SOL can be identified around $76 and the 61.8% Fibonacci retracement, with major support at $72.50. Should the price slip below the $72.50 mark, it may test the $68 support level, and a close below that threshold could push prices down further towards the $60 range.
Technical indicators corroborate the bearish sentiment; the hourly MACD reflects a growing downward momentum in the bearish zone, while the RSI for SOL/USD is currently situated below the pivotal 50 level, indicating weakness in the bullish trend.
In summary, the scenario for Solana underscores critical resistance and support levels that traders should monitor closely, as the indicators presently hint at a possibility for continued declines should buying interest fail to resurface decisively above key resistance levels.
