Solana failed to hold above $90 and has pulled back. The price is now trading below $85 and could test support around $76. SOL began a downward correction against the US Dollar, falling below $82 and the 100-hourly simple moving average. A bearish trend line is forming with resistance near $81 on the hourly chart. If the price breaks below $76, further losses may follow.
After being unable to clear $90, Solana started correcting lower, similar to Bitcoin and Ethereum. The price dropped below $85 and $82, moving into a short-term bearish zone. It also fell below the 50% Fibonacci retracement level of the recent rally from $67.40 to $89.72. The bearish trend line near $81 continues to act as resistance. SOL is now trading below $80 and the 100-hourly SMA.
On the upside, immediate resistance is near $81 and the trend line, followed by $82.20. The main hurdle is at $85. A clear break above $85 could pave the way for a sustained recovery toward $90, with further gains possibly targeting $102.
If SOL fails to climb above $82, it could resume its decline. Initial support sits near $76, which aligns with the 61.8% Fibonacci retracement level. The next major support is around $72.50. A break below that could push the price toward $68, and a close under $68 might lead to a test of $60.
Technical Indicators:
– Hourly MACD: Gaining momentum in the bearish zone.
– Hourly RSI: Below 50.
– Major Support Levels: $76 and $72.50.
– Major Resistance Levels: $81 and $85.
Frequently Asked Questions
Frequently Asked Questions About Solana Falling Below 90
Beginner Questions
Q What does it mean that Solana fell below 90
A It means the market price for one SOL token dropped under 90 USD This is a significant psychological and technical level indicating selling pressure and potential loss of investor confidence in the short term
Q Why is the price of Solana dropping
A Prices can drop for many reasons including broader market downturns negative news specific to Solana profittaking by investors after a prior rise or rising concerns about network stability or competition
Q Should I panic and sell my SOL because its below 90
A Panic selling is rarely a good strategy Cryptocurrency markets are highly volatile Its important to assess why you invested your risk tolerance and the longterm fundamentals of the project rather than reacting to shortterm price movements
Q Is this a good time to buy Solana on sale
A Some investors see major price dips as buying opportunities but this is risky Theres no guarantee the price wont fall further If you believe in Solanas longterm potential a strategy like dollarcost averaging can reduce risk
Q Where can I check Solanas current price
A You can use major cryptocurrency tracking websites and apps like CoinMarketCap CoinGecko or the portfolio trackers on exchanges like Coinbase Binance or Kraken
Intermediate MarketRelated Questions
Q What are the main concerns causing this potential further decline
A Concerns often include 1 Network CongestionOutages History of downtime shakes confidence 2 Macro Factors Rising interest rates or strong US dollar hurting risky assets 3 Competition Rival blockchains gaining traction 4 Large Holder Selling Big investors moving tokens to exchanges signaling a potential selloff
Q What is a support level and has Solana broken it
A A support level is a price point where an asset tends to stop falling because buying interest increases Falling below 90 means it broke a major support level which