Solana (SOL) Recovery Faces Roadblocks, Can Bulls Push Through?
Source Newsbtc
Solana found support at $77 and corrected some losses. SOL price is now consolidating above $80 and might aim for a steady increase.
- SOL price started a decent recovery wave above $80 and $82 against the US Dollar.
- The price is now trading above $80 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $80 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $82.80 and $85.
Solana Price Starts Recovery
Solana price remained stable and started a decent recovery wave from $77, like Bitcoin and Ethereum. SOL was able to climb above the $80 level.
There was a move above the 50% Fib retracement level of the downward move from the $86.63 swing high to the $76.70 low. Besides, there was a break above a key bearish trend line with resistance at $80 on the hourly chart of the SOL/USD pair.
However, the bears are active near $82.80. Solana is now trading above $80 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $82.80 level or the 61.8% Fib retracement level of the downward move from the $86.63 swing high to the $76.70 low.
The next major resistance is near the $85 level. The main resistance could be $88. A successful close above the $88 resistance zone could set the pace for another steady increase. The next key resistance is $95. Any more gains might send the price toward the $102 level.
Another Decline In SOL?
If SOL fails to rise above the $82.80 resistance, it could continue to move down. Initial support on the downside is near the $80 zone. The first major support is near the $77 level.
A break below the $77 level might send the price toward the $75 support zone. If there is a close below the $75 support, the price could decline toward the $66 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $80.00 and $77.00.
Major Resistance Levels – $82.80 and $85.00.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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