Solana (SOL) Drops to $80: Traders Monitor Key Support Levels

Solana has struggled to maintain its value above $90 and has continued to fall. Currently, the SOL price is hovering below $85, facing challenges in initiating a recovery.

Key Takeaways

The price of SOL has experienced a decline, moving below the $85 and $82 support levels against the US Dollar.
SOL is currently trading below both $85 and the 100-hourly simple moving average.
A bearish trend line has emerged, with resistance marked at $85.50 on the SOL/USD hourly chart.
The possibility of a recovery wave depends on the ability of bulls to uphold the $82 or $80 support levels.

Solana (SOL) Tumbles to $80

Solana's Price Reaches $80 Again

The price of Solana could not sustain itself above the $90 mark and has initiated a further decline, mirroring the trends seen with Bitcoin and Ethereum. SOL's value has fallen below both $88 and $85 support levels.

Bearish momentum increased beneath the $83.50 mark, leading to a low formation at $80.29. The current trading position for Solana sees it below $85 and the crucial 100-hourly simple moving average. Immediate resistance appears around the $85 level, bolstered by a forming bearish trend line at $85.50 on the hourly chart of the SOL/USD pair.

Solana Price
Source: SOLUSD on TradingView.com

Looking ahead, the next significant resistance level lies at $87.20, which aligns with the 50% Fibonacci retracement level corresponding to the downward shift from the $94.10 swing high to the $80.29 low. The major resistance point could be at $88.80; successfully closing above this zone may trigger a renewed incline. Following this potential resurgence, the next resistance to watch would be $95, and any further gains could push the price toward the $102 mark.

Potential for Further Losses in SOL?

Should SOL be unable to surpass the $85 resistance level, the price might continue to decline. Initial support can be found around the $82 area, with the first significant support level right at $80.

A slip below the $80 threshold could potentially lead the price down to the $72 support zone. If it closes beneath this level, further depreciation could send the price ultimately toward the $65 mark in the near term.

Technical Indicators

Hourly MACD: The MACD for SOL/USD is slowing down within the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD currently stands above the 50 level.
Major Support Levels: $82 and $80.
Major Resistance Levels: $85 and $88.