Solana couldn’t hold above $86 and gave back most of its gains. The price is now steadying above $82 and could try to rise again. SOL recently dropped below $86 and $85 against the US dollar. It’s now trading under $85 and below the 100-hour simple moving average. On the hourly chart of the SOL/USD pair (data from Kraken), the price broke above a bearish trend line that had resistance at $84. If buyers defend the $83.00 or $82.50 levels, a recovery might start.
Solana Price Drops From $88
Solana couldn’t stay above $88 and started a fresh decline, similar to Bitcoin and Ethereum. It fell below $86 and $85, with bears pushing it toward $83. A low of $82.96 was reached, and the price is now steadying after the drop. There was a small recovery above the 23.6% Fibonacci retracement level of the move from the $88.08 high to the $82.96 low. Additionally, the price broke above a bearish trend line with resistance at $84 on the hourly chart.
Solana is now trading near $85 and the 100-hour simple moving average. On the upside, the first resistance is around $85.50, which is also the 50% Fibonacci retracement level of the drop from $88.08 to $82.96. The next major resistance is near $86.80, with the main resistance at $88. A solid close above $88 could lead to another steady rise, with the next key level at $90. Further gains might push the price toward $92.
More Losses for SOL?
If Solana can’t rise above $85.50, it might continue to fall. The first support on the downside is around $83.50, with major support near $83. A break below $83 could send the price toward the $80 support zone. If it closes below $80, the price might drop to $75 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is gaining momentum in bullish territory.
– Hourly RSI: The RSI for SOL/USD is above 50.
– Major Support Levels: $84.00 and $82.00.
– Major Resistance Levels: $85.50 and $88.00.
Frequently Asked Questions
Here is a list of FAQs about Solanas recent price action covering both beginner and advanced angles
BeginnerLevel Questions
1 What does running out of steam mean for Solana
It means the big price jump is slowing down Buyers arent pushing the price higher as strongly as before and the momentum is fading
2 Is Solana going to crash again
Not necessarily but the risk is higher When buyers lose control sellers often step in It could drop or it could just trade sideways No one can predict a crash but the current signal is cautious
3 How can I tell if sellers are taking control
Look for lower highs and lower lows Also if trading volume spikes during price drops thats a sign sellers are active
4 What is support and resistance for Solana right now
Support The price level where buyers usually step in
Resistance The price level where sellers block the rally
If support breaks sellers are likely in control
5 Should I buy Solana now while its cheap
Only if you believe in the longterm project and can handle a 2040 drop Trying to catch a falling knife is risky if sellers are still in charge
Intermediate Advanced Questions
6 What technical indicators suggest sellers are gaining control
RSI If it falls below 50 and keeps dropping it shows selling pressure
MACD A bearish crossover confirms momentum is turning down
Volume Profile High volume at low prices vs low volume at high prices
7 Could this be a bull trap before another rally
Yes A bull trap happens when the price breaks out then quickly reverses If Solanas recent rebound was on low volume and it now drops below the breakout level thats a classic