Solana couldn’t hold above $90 and gave back most of its gains. The price is now steadying above $85 and could try to rise again. SOL recently dropped below $88 and $87 against the US dollar. It’s now trading around $86, near the 100-hour simple moving average. On the hourly chart of the SOL/USD pair (data from Kraken), a bullish trend line is forming with support at $85.50. If buyers can defend $85.50 or $85, the price might start to recover.
Solana Price Drops From $90
Solana failed to stay above $90 and began a fresh decline, unlike Bitcoin and Ethereum. It fell below $88 and $87, with bears pushing it toward $85. A low of $85.55 was reached, and the price is now consolidating below the 23.6% Fibonacci retracement level of the drop from the $89.34 high to the $85.55 low. SOL is currently near $86 and the 100-hour simple moving average. Additionally, a bullish trend line with support at $85.50 is forming on the hourly chart.
On the upside, the first resistance is around $87. The next major resistance is near $87.80, which is the 61.8% Fibonacci retracement level of the same downward move. The main resistance could be $88.80. If the price closes above $88.80, it could set up a steady increase. The next key resistance is $90, and further gains might push it toward $92.
More Losses for SOL?
If SOL can’t rise above $87.80, it might continue to fall. The first support is near $85.50, followed by $84. A break below $84 could send the price toward $82. If it closes below $82, the price might drop to $80 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is gaining momentum in the bearish zone.
– Hourly RSI: The RSI for SOL/USD is below 50.
Key Levels
– Support: $85.50 and $84.00.
– Resistance: $87.80 and $88.80.
Frequently Asked Questions
Here is a list of FAQs about Solana losing strength and the potential for a bullish comeback written in a natural tone with clear direct answers
BeginnerLevel Questions
1 What does it mean when people say Solana is losing strength
It means the price of Solana is going down or struggling to go up It can also mean fewer people are using the network or that its performing worse compared to other cryptocurrencies like Bitcoin or Ethereum
2 Why is Solanas price dropping right now
Theres no single reason but common causes include a general downturn in the crypto market investors selling off their holdings negative news about the project or competition from other blockchains like Ethereum or newer Solana killers
3 Is Solana a bad investment now because its losing strength
Not necessarily A price drop can be a normal part of a market cycle Many strong projects go through rough patches However its riskier than when the price is rising It depends on your belief in Solanas longterm technology and adoption
4 What are bulls and why do they need to regain momentum
Bulls are investors who believe the price will go up Regaining momentum means the price starts rising steadily again Right now the bears are in control so bulls need a reason to start buying again
5 Should I buy Solana while the price is low
Thats a personal decision not financial advice Buying low can lead to big gains if the price recovers but it can also lead to bigger losses if the price keeps falling Always research the projects health and only invest what you can afford to lose
Intermediate Advanced Questions
6 Is Solanas network usage declining or is it just the price
Its often both In a bearish phase the price usually falls first But if network usage also drops significantly thats a more serious sign of lost interest Check sites like Solscan or Artemiz for live usage data