Solana failed to hold above $92 and extended its decline. The price is now consolidating below $85 and may struggle to begin a recovery. SOL started a fresh drop below $85 and $82 against the US Dollar and is currently trading below $82 and the 100-hourly simple moving average. A key bearish trend line is forming with resistance near $82 on the hourly chart. A recovery could begin if bulls defend the $75 or $70 levels.
Solana Price Drops Over 5%
Solana was unable to stay above $95 and began a new decline, similar to Bitcoin and Ethereum. SOL fell below the $90 and $85 support levels and gained bearish momentum below $82. A low was formed at $77.30, and the price is now consolidating losses below the 23.6% Fibonacci retracement level of the drop from the $86.68 swing high to the $77.30 low. SOL is trading below $80 and the 100-hourly simple moving average.
On the upside, immediate resistance is near $80. The next major resistance is around $82, which aligns with the 50% Fibonacci retracement level of the recent decline. A key bearish trend line is also forming with resistance near $82 on the hourly chart. The main resistance sits at $83.10. A clear break above $83.10 could pave the way for a steady increase, with the next key resistance at $87. Further gains might push the price toward $92.
Potential for Further Losses
If SOL fails to climb above the $82 resistance, it could continue to move lower. Initial support is near $77, followed by a major support level at $75. A break below $75 could send the price toward the $70 support zone. A close below $70 might lead to a decline toward $62 in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is below the 50 level.
Major Support Levels – $77 and $75.
Major Resistance Levels – $80 and $82.
Frequently Asked Questions
FAQs Solana Falling Below 80 Support
BeginnerLevel Questions
1 What does falling below the 80 support level mean
It means the price of Solana has dropped and is now trading consistently under 80 In trading a support level is a price point where an asset has historically stopped falling Breaking below it is seen as a sign of weakening demand and can lead to further declines
2 Why is Solanas price dropping
The drop is likely due to a combination of factors a general downturn in the broader cryptocurrency market negative news impacting investor confidence and largescale selling pressure that overwhelmed the buying interest at the 80 price point
3 What is bearish signal or a bear market
Bearish means expecting prices to fall A bearish signal is any indicator that suggests further price declines are likely A bear market is a prolonged period of falling prices often marked by widespread pessimism
4 Should I sell my SOL now that its below 80
This is a personal financial decision we cannot make for you Its important not to panic sell Consider your original investment goals risk tolerance and only invest what you can afford to lose Many investors use downturns to research and plan not just to react
5 Could the price go back above 80
Yes absolutely Price levels are not permanent barriers If buying pressure returns stronglydriven by positive news renewed market optimism or Solanas strong technical fundamentalsthe price could reclaim 80 and turn it into a new support level
Advanced Strategic Questions
6 What technical indicators are strengthening these bearish signals
Traders are likely watching indicators like
Increased Volume on the Drop High trading volume as the price broke below 80 confirms the selling pressure was strong
Moving Averages The price falling below key moving averages
Relative Strength Index An RSI dipping into or staying in oversold territory can indicate strong selling momentum though it can also signal a potential bounce
7 Does this invalidate Solanas longterm bullish thesis
Not necessarily Shortterm price