Solana (SOL) Positions for Breakout as Market Sentiment Turns Bullish
BY
Helena Albuquerque
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Solana failed to stay above $90 and corrected some gains. SOL price is now below $88 and might aim for another increase above $90.
Solana Price Remains Supported
Solana price failed to stay above $90 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below $88 and $87 to enter a short-term bearish zone.
There was a move below the 50% Fib retracement level of the upward wave from the $81.71 swing low to the $90.29 high. The price even tested the $85 support. Besides, there is a bullish trend line forming with support at $85 on the hourly chart of the SOL/USD pair.
Solana is now trading above $85 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $88 level. The next major resistance is near the $90 level. The main resistance could be $92. A successful close above the $92 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 $100 level.
More Losses In SOL?
If SOL fails to rise above the $90 resistance, it could start another decline. Initial support on the downside is near the $85 zone, the trend line, and the 61.8% Fib retracement level of the upward wave from the $81.71 swing low to the $90.29 high. The first major support is near the $84 level.
A break below the $84 level might send the price toward the $82 support zone. If there is a close below the $82 support, the price could decline toward the $76.50 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.
Major Support Levels – $85 and $82.
Major Resistance Levels – $88 and $90.