Solana failed to hold above $86 and has moved lower. The price of SOL is now below $84 and remains at risk of further declines below $80. After starting a downward correction against the US Dollar, SOL is trading below $85 and the 100-hourly simple moving average. A bearish trend line is forming with resistance at $84 on the hourly chart for SOL/USD. If the price falls below the $80 zone, losses could extend.
Solana’s price was unable to stay above $90 and began to correct downward, similar to Bitcoin and Ethereum. It dropped below $88 and $86, entering a short-term bearish zone. The decline moved past the 61.8% Fibonacci retracement level of the upward move from the $76.55 low to the $91.20 high, even testing the $80 support. The bearish trend line at $84 continues to act as resistance, with SOL now trading below $84 and the 100-hourly simple moving average.
On the upside, resistance is near $83, followed by $84. The main resistance sits at $85.60. A clear close above $85.60 could pave the way for a steady rise toward $88, with further gains possibly targeting $92.
If SOL fails to climb above the $85 resistance, another decline may begin. Initial support is near $80, which aligns with the 76.4% Fibonacci retracement level of the earlier upward move. The first major support is around $79. A break below $79 could push the price toward $76.50, and a close below that level might lead to a decline toward $72 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is losing momentum in the bullish zone.
– Hourly RSI: The RSI is below 50.
– Major Support Levels: $80 and $79.
– Major Resistance Levels: $85 and $88.
Frequently Asked Questions
FAQs Solanas Price Support Potential for Further Decline
BeginnerLevel Questions
1 What does struggling to hold key support levels mean
It means Solanas price is repeatedly testing and may fall below specific price points where buyers have historically stepped in to prevent further decline If it breaks below these levels it often signals more selling pressure and can lead to a sharper drop
2 Why is Solanas price dropping
Prices can drop for many reasons including broader market downturns negative sentiment profittaking by investors concerns about network stability or a general reduction in risk appetite across cryptocurrencies
3 What is a support level
A support level is a specific price point where an asset like Solana tends to stop falling because demand increases Its like a floor that the price has bounced off of in the past Analysts watch these levels closely for signs of strength or weakness
4 Could SOL really drop even further
Yes its possible If selling pressure overwhelms buying interest and key support levels are decisively broken the price can fall to find the next lower level of support There is no guaranteed bottom in volatile markets
5 Is now a good time to buy Solana
This is a personal investment decision with high risk Some see price drops as a discount while others see it as a sign of further decline Never invest money you cant afford to lose and consider doing your own research or consulting a financial advisor
Advanced Practical Questions
6 Which key support levels are traders watching right now
While levels change traders often watch previous swing lows on the chart major moving averages and psychological levels The specific level depends on the time frame being analyzed
7 What would confirm a breakdown and signal more downside
A confirmed breakdown typically requires the price to close below a major support level on a significant time frame with high trading volume A quick wick below that snaps back may not be a true breakdown
8 Besides price charts what fundamentals could cause further decline
Potential factors include prolonged