Solana was unable to hold above $85 and has given back some of its gains. The price is now recovering from a low of $76 and showing some positive momentum. SOL has started a recovery wave, moving above $78 and $80 against the US Dollar. It is currently trading above $80 and the 100-hourly simple moving average. A key bearish trend line with resistance at $81 was broken on the hourly chart for SOL/USD. The price could continue to rise if it manages to clear the $82 and $84 levels.
Solana stabilized and began a recovery above $78, similar to Bitcoin and Ethereum. SOL climbed past $80, moving above the 50% Fibonacci retracement level of the decline from the $86.68 high to the $75.64 low. The price also broke the key bearish trend line with resistance at $81. However, selling pressure is evident near $82.50, which aligns with the 61.8% Fibonacci retracement level of the same decline.
SOL is now trading above $80 and the 100-hourly simple moving average. Immediate resistance is near $82, followed by major resistance at $84. The main hurdle is at $85. A sustained close above $85 could pave the way for further gains, with the next key resistance levels at $92 and potentially $95.
If SOL fails to break above $82, it could resume its decline. Initial support is near $80, with major support at $79. A break below $79 might push the price toward the $77 support zone. A close below $77 could lead to a decline toward $74.
Technical Indicators:
– Hourly MACD: Gaining momentum in the bullish zone.
– Hourly RSI: Above 50.
– Major Support Levels: $80 and $77.
– Major Resistance Levels: $82 and $85.
Frequently Asked Questions
Frequently Asked Questions About Solanas Recent Recovery and Momentum
Beginner Questions
Q1 What does it mean that Solana is showing resilience in its recovery
A It means that after a period of decline or stagnation Solanas price and market activity have bounced back strongly overcoming selling pressure and regaining investor confidence
Q2 What is a resistance level in crypto
A A resistance level is a specific price point where an asset has historically struggled to rise above due to increased selling Surpassing it is seen as a bullish sign indicating strong buying interest
Q3 Why is Solana gaining momentum now
A Momentum can come from a combination of factors positive network developments increased usage of its apps a favorable overall crypto market trend or renewed institutional and retail investor interest
Q4 Is now a good time to buy Solana
A This is not financial advice Cryptocurrency investments are risky While breaking resistance can be positive prices are volatile Always do your own research consider your risk tolerance and never invest more than you can afford to lose
Q5 Where can I track Solanas price and these resistance levels
A You can use popular crypto tracking websites and apps like CoinMarketCap CoinGecko or TradingView These platforms show price charts with technical analysis tools
Intermediate Advanced Questions
Q6 What technical indicators typically confirm this kind of breakout momentum for Solana
A Traders often look for confirmation through increased trading volume during the breakout the price holding above the old resistance level and bullish indicators like moving average crossovers or a rising Relative Strength Index
Q7 Beyond price what onchain metrics suggest Solana is truly recovering
A Key metrics include
Active Addresses A rising number of unique wallets sendingreceiving SOL
Total Value Locked An increase in funds deposited in Solanas DeFi applications
Network Throughput Fees Sustained high transaction speeds with low stable fees
Developer Activity Growth in new contracts deployed and GitHub commits