Solana (SOL) Loses $80 Floor, Downtrend Signals Intensify Rapidly Across Broader Crypto Space

Solana failed to settle above $92 and extended losses. SOL price is now consolidating losses below $85 and might struggle to start a recovery wave.

• SOL price started a fresh decline below $85 and $82 against the US Dollar.
• The price is now trading below $82 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $82 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could start a recovery wave if the bulls defend $75 or $70.

Solana Price Dips Over 5%

Solana price failed to remain stable above $95 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $90 and $85 support levels.

The price gained bearish momentum below $82. A low was formed at $77.30, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $86.68 swing high to the $77.30 low.

Solana is now trading below $80 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $80 level. The next major resistance is near the $82 level or the 50% Fib retracement level of the downward move from the $86.68 swing high to the $77.30 low. There is also a key bearish trend line forming with resistance at $82 on the hourly chart of the SOL/USD pair.

The main resistance could be $83.10. A successful close above the $83.10 resistance zone could set the pace for another steady increase. The next key resistance is $87. Any more gains might send the price toward the $92 level.

More Losses In SOL?

If SOL fails to rise above the $82 resistance, it could continue to move down. Initial support on the downside is near the $77 zone. The first major support is near the $75 level.

A break below the $75 level might send the price toward the $70 support zone. If there is a close below the $70 support, the price could decline toward the $62 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 – $77 and $75.

Major Resistance Levels – $80 and $82.