Solana failed to hold above $90 and has pulled back. The price is still above $85 and could try to move higher again soon.
After being unable to break past $92, SOL began a downward correction, similar to Bitcoin and Ethereum. It dropped below $90 and $88, entering a short-term bearish phase, even falling below the 50% Fibonacci retracement level of the recent rally from $76.54 to $91.20. However, buyers stepped in above the $82 support, pushing the price back above $85.
SOL is now trading above $85 and the 100-hour simple moving average. A rising channel is forming on the hourly chart, with resistance near $88. Immediate resistance is around $88, followed by $90. The main hurdle is at $92. A clear break and close above $92 could pave the way for further gains toward $95, and potentially even $102.
On the downside, if SOL fails to climb above $92, it might see another decline. Initial support is near $85. The first major support is around $82, which aligns with the 61.8% Fibonacci retracement level. A break below $82 could lead to a drop toward $76.50, and a close below that might bring the $72 support into play.
Technical Indicators:
– Hourly MACD: Gaining momentum in bullish territory.
– Hourly RSI: Above 50, indicating bullish momentum.
– Major Support Levels: $85, $82.
– Major Resistance Levels: $88, $92.
Frequently Asked Questions
FAQs Solanas Potential Rally the 92 Resistance Level
BeginnerLevel Questions
1 What does resistance level mean
A resistance level is a specific price point where an asset has historically struggled to rise above Think of it as a price ceiling where selling pressure tends to increase preventing the price from moving higher
2 Why is the 92 level so important for Solana right now
92 has been a key psychological and technical barrier for SOL If the price can close decisively above this level on significant trading volume it could signal a major shift in market sentiment and open the path for a stronger rally toward higher prices
3 What would cause Solanas price to rally
Potential catalysts include positive developments in the Solana ecosystem a surge in overall cryptocurrency market optimism increased network activity and usage or a breakout above key technical levels like 92
4 What happens if Solana fails to break above 92
If buyers cannot push the price above 92 and it gets rejected the price may fall back to find support at a lower level This could lead to a period of consolidation or a deeper correction
Advanced Practical Questions
5 What technical indicators should I watch to gauge the strength of a potential breakout
Key indicators include
Volume A breakout above 92 must be accompanied by high trading volume to confirm its a strong sustainable move
Relative Strength Index Watch for RSI staying below overbought levels to suggest theres still buying momentum
Moving Averages A sustained price above key moving averages can indicate a bullish trend
6 Beyond the price what onchain metrics support a bullish case for Solana
Look for growth in
Daily Active Addresses More users interacting with the network
Total Value Locked Increasing capital deposited in Solanas DeFi applications
Network Throughput Fee Stability Sustained high transaction speeds with low predictable costs
7 What are the main risks that could prevent a rally even if it breaks 92
Risks include a broader crypto