Solana found support at $90 and recovered some of its losses. The price is now consolidating below $94 and may have trouble pushing higher. SOL started a decent recovery, climbing above $91 and $92 against the US dollar. It’s currently trading below $94 and the 100-hourly simple moving average. On the hourly chart of the SOL/USD pair (data from Kraken), a bearish trend line is forming with resistance at $92.90. The price could keep rising if it breaks through $92.90 and $94.00.
Solana Price Begins Recovery
Solana held steady and started a solid recovery from $90, similar to Bitcoin and Ethereum. It managed to rise above $91.50 and moved past the 50% Fibonacci retracement level of the drop from the $95.92 high to the $89.89 low. However, bears are still active below $94. A bearish trend line with resistance at $92.90 is also forming on the hourly chart of SOL/USD. Solana is now trading below $92 and the 100-hourly simple moving average. On the upside, immediate resistance is near $92.90. The next major resistance is around $93.60, or the 61.8% Fibonacci retracement level of the same drop. The main resistance is at $94. A clear close above $94 could pave the way for another steady increase. The next key resistance is $96, and further gains might push the price toward $98.
Another Drop for SOL?
If SOL can’t rise above the $92.90 resistance, it could continue to decline. Initial support on the downside is near $91.30, with the first major support around $90. A break below $90 could send the price toward the $88 support zone. If it closes below $88, the price might drop to the $84 area in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is gaining momentum in the bearish zone.
– Hourly RSI (Relative Strength Index): The RSI for SOL/USD is below the 50 level.
Key Levels
– Major Support: $91.30 and $90.00.
– Major Resistance: $92.90 and $94.00.
Frequently Asked Questions
Here is a list of FAQs about the current Solana market situation where buyers are active but facing strong resistance
BeginnerLevel Questions
1 What does buyers are still active mean for Solana
It means there are still a lot of people and institutions trying to buy Solana so the price isnt crashing They have enough demand to keep the price from falling sharply
2 What is strong resistance in simple terms
Its like a price ceiling Imagine Solanas price keeps trying to go up to 150 but every time it gets close a huge number of people sell That selling pressure stops it from going higher That price level is the resistance
3 So is Solana going to go up or down right now
Its stuck in a tugofwar Buyers are strong enough to stop it from falling but sellers are strong enough to stop it from rising It could go either way depending on who gives up first
4 Is this a good time to buy Solana
It depends on your risk tolerance If you believe the buyers will eventually win and break through it could be a good entry point But if the resistance holds the price might drop Its a highrisk highreward scenario
5 Why is the resistance so strong Are people just selling for no reason
No Usually strong resistance happens because
Previous buyers want to break even People who bought at that high price before are now selling to get their money back
Fear of a top Traders see the price hitting a wall and sell to lock in profits before a potential drop
Intermediate Advanced Questions
6 What technical indicators should I look at to see if buyers are winning
Watch for increasing volume on upswings Also look for higher lows on the chart If Solana makes a low at 130 then a higher low at 135 it shows buyers are getting stronger
7 How can I tell if the resistance is going to break soon
Look for a