Solana has started a fresh upward move above the $86 level. The price is now consolidating above $87 and could aim for further gains above the $90 zone. SOL began a new rise above $85 and $86 against the US Dollar. It is currently trading above $87 and the 100-hourly simple moving average. A bullish trend line is forming with support at $86.50 on the hourly chart of the SOL/USD pair (data from Kraken). The pair could extend its gains if it breaks through the $90 resistance area.
Solana Price Gains Momentum
Solana corrected from the $90 zone but stayed steady above $85, similar to Bitcoin and Ethereum. SOL formed a low near $85 and started a fresh upward move. It climbed above $85, entering a short-term positive zone. It also surpassed the 50% Fibonacci retracement level of the drop from the $89.34 high to the $84.55 low. Additionally, a bullish trend line with support at $86.50 is visible on the hourly chart of the SOL/USD pair. Solana is now trading above $87 and the 100-hourly simple moving average.
On the upside, the price faces resistance near $88.20 and the 76.4% Fibonacci retracement level of the drop from $89.34 to $84.55. The next major resistance is around $90. The main resistance could be $92. A solid close above $92 could pave the way for another steady increase. The next key resistance is $100. Further gains might push the price toward $105.
Another Drop for SOL?
If SOL fails to rise above the $90 resistance, it could start another decline. Initial support on the downside is near the $86.50 zone and the trend line. The first major support is around $85. A break below $85 could send the price toward the $80 support area. If it closes below $78, the price might drop to $72 in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $86.50 and $85.00.
Major Resistance Levels – $88.20 and $90.00.
Frequently Asked Questions
Here is a list of FAQs regarding Solana showing a slight uptick written in a natural conversational tone with clear answers
BeginnerLevel Questions
Q Why is Solana going up a little bit right now
A Its usually a mix of things positive news about the network the overall crypto market feeling optimistic or big investors buying in There isnt always one single reason for a small bump
Q Is this the start of a big rally for Solana
A Nobody can say for sure A small uptick is a good sign but its not a guarantee Traders watch to see if the price can break through a certain resistance level before calling it a rally
Q Should I buy Solana right now because its going up
A Not necessarily Buying just because the price is rising is called FOMO Its smarter to do your own research understand the project and never invest more than you can afford to lose Small moves can reverse quickly
Q What does traders are watching mean exactly
A It means that active buyers and sellers are paying close attention to the price and trading volume Theyre looking for confirmationlike higher trading volume or the price holding steadyto decide if the upward move is real or just a temporary dead cat bounce
Intermediate Advanced Questions
Q What specific technical indicators are traders looking at for Solana right now
A Theyre likely watching the Relative Strength Index to see if Solana is overbought or oversold They also look at Moving Averages to see if the price is crossing above them and Volume to see if the uptick is backed by real demand
Q Whats a key price level for Solana in this current move