Solana (SOL) Recovery Firms, Bulls Prepare for Stronger Upside Push

Solana found support at $85 and corrected some losses. SOL price is now consolidating above $90 and might aim for a steady increase.

• SOL price started a decent recovery wave above $88 and $90 against the US Dollar.
• The price is now trading above $90 and the 100-hourly simple moving average.
• There was a break above a key bearish trend line with resistance at $88 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $92.80 and $95.

Solana Price Eyes Recovery

Solana price remained stable and started a decent recovery wave from $85, like Bitcoin and Ethereum. SOL was able to climb above the $90 level.

There was a move above the 50% Fib retracement level of the downward move from the $97.67 swing high to the $85.10 low. Besides, there was a break above a key bearish trend line with resistance at $88 on the hourly chart of the SOL/USD pair.

However, the bears are active near $92.00. Solana is now trading above $90 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $92.20 level. The next major resistance is near the $92.80 level or the 61.8% Fib retracement level of the downward move from the $97.67 swing high to the $85.10 low.

The main resistance could be $95. A successful close above the $95 resistance zone could set the pace for another steady increase. The next key resistance is $102. Any more gains might send the price toward the $112 level.

Another Decline In SOL?

If SOL fails to rise above the $92.80 resistance, it could continue to move down. Initial support on the downside is near the $88.40 zone. The first major support is near the $85 level.

A break below the $85 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 $75 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 – $92.80 and $95.00.

Major Resistance Levels – $88.40 and $85.00.