Solana couldn’t hold above $96 and pulled back a bit. Now it’s consolidating and could try to climb again past $98. SOL started a downward correction below $96 against the US Dollar. It’s currently trading above $94 and 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 $93.00. If it drops below $92, losses could extend.
Solana Price Still Has Support
Solana failed to stay above $98 and began a downside correction, similar to Bitcoin and Ethereum. It dipped below $86 and $85, entering a short-term bearish zone. It also fell below the 23.6% Fibonacci retracement level of the upward move from the $87.61 low to the $98.47 high. The price even tested support at $93.65. Additionally, a bullish trend line with support at $93.00 is forming on the hourly chart of SOL/USD. Solana is now trading above $94 and the 100-hour simple moving average.
On the upside, resistance is near $96. The next major resistance is around $98, with the main level at $102. A solid close above $102 could lead to another steady rise. The next key resistance is $105, and further gains might push the price toward $112.
Could SOL Break Down?
If SOL can’t break above $96, it might decline again. Initial support is near $94, the trend line, and the 50% Fibonacci retracement level of the move from $87.61 to $98.47. The first major support is around $90. A break below $90 could send the price toward $88. If it closes below $88, it might drop to $84 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is gaining momentum in bullish territory.
– Hourly RSI: The RSI for SOL/USD is above 50.
– Major Support Levels: $94.00 and $90.00.
– Major Resistance Levels: $96.00 and $98.00.
Frequently Asked Questions
Here is a list of FAQs about Solana dipping slightly while traders expect a bigger move tailored for both beginners and advanced users
BeginnerLevel Questions
1 Why did Solana dip a little if everyone is still bullish
Small dips are normal in crypto Even when traders expect a big move up the price can pull back slightly as some people take profits or as the market catches its breath before a bigger jump
2 What does traders are expecting a bigger move actually mean
It means that based on recent price patterns trading volume or market sentiment many traders believe Solanas price will soon swing significantlyeither up or downrather than just staying flat
3 Should I buy Solana now that its dipped a little
Not necessarily A small dip can be a buying opportunity but it could also dip further Only invest what you can afford to lose and consider waiting for a clearer trend or doing your own research first
4 Is this dip a sign that Solana is in trouble
Not usually A small dip after a runup is common and doesnt mean the project is failing Its often just market noise or profittaking
5 How do traders know a bigger move is coming
They look at technical indicators like trading volume supportresistance levels and chart patterns They also watch for news or events that could trigger a sudden price change
AdvancedLevel Questions
6 What specific technical patterns suggest a bigger move for Solana right now
Common patterns include a bull flag or a symmetrical triangle A breakout above resistance or below support often signals the next big move
7 Why might the dip be a liquidity grab before a breakout
Large traders sometimes push the price down slightly to trigger stoploss orders and shake out weak hands This creates liquidity for them to buy at a lower price before driving the price up again
8 How does Solanas onchain activity affect this bigger move expectation
If network activity remains strong during the dip it