Solana has started a fresh upward move above the $86 level. The price is now consolidating near $88 and could aim for further gains above $90. SOL began a new rise above $85 and $86 against the US dollar. It is now trading above $86 and the 100-hourly simple moving average. A bullish trend line is forming with support at $87.40 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 zone.
Solana Price Sees Fresh Increase
Solana has made a decent recovery after holding above the $85 zone, similar to Bitcoin and Ethereum. It climbed above $86 and entered a short-term positive zone. The price even broke through the $88 resistance, reaching a high of $89.95. It is now consolidating those gains. There was a slight dip below the 23.6% Fibonacci retracement level of the recent move from the $83.27 low to the $89.95 high. Solana is currently trading above $87 and the 100-hourly simple moving average. Additionally, a bullish trend line with support at $87.40 is forming on the hourly chart of the SOL/USD pair.
On the upside, the price faces resistance near $89. The next major resistance is around $90, with the main resistance at $92. A strong close above $92 could pave the way for another steady increase. The next key resistance is $100, and further gains might push the price toward $102.
Downside Correction for SOL?
If SOL fails to rise above the $90 resistance, it could start another decline. Initial support on the downside is near $87.40. The first major support is around $85.80, which aligns with the 61.8% Fibonacci retracement level of the recent move from $83.27 to $89.95. A break below $85.80 could send the price toward the $83.20 support zone. If it closes below $82, the price might drop to $76.50 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is losing momentum in the bullish zone.
– Hourly RSI (Relative Strength Index): The RSI for SOL/USD is near the 50 level.
Major Support Levels: $87.40 and $85.80
Major Resistance Levels: $89.00 and $90.00
Frequently Asked Questions
Here is a list of FAQs about Solana showing strength while facing resistance at 90 written in a natural clear tone
BeginnerLevel Questions
1 What does Solana is showing signs of strength mean
It means that despite recent market dips Solanas price is holding up well and has strong buying interest Traders see positive patterns like higher lows or increased trading volume suggesting the coin might be ready to move up
2 Why is the 90 price level so important
90 is a key resistance level Think of it like a ceilingthe price has tried to break above it before but failed If Solana can push through 90 it could signal a big rally If it stays below it might fall back down
3 Why are traders cautious even though Solana looks strong
Traders are waiting for a clear breakout above 90 Until that happens theres a risk the price could reverse and drop Being cautious means they arent betting heavily until they see a confirmed move
4 Is this a good time to buy Solana
That depends on your risk tolerance If you believe Solana will break 90 soon buying now could be profitable But if you prefer safety wait until the price clearly breaks and holds above 90 to avoid a potential dip
5 What is resistance in simple terms
Resistance is a price level where selling pressure is so strong that the price stops rising Its like a wall that the price keeps hitting Breaking through it is considered bullish
Intermediate Advanced Questions
6 What technical indicators suggest Solana is showing strength
Traders look at things like a rising Relative Strength Index without being overbought increasing trading volume higher lows on the daily chart and the price holding above key moving averages
7 If 90 holds as resistance whats the worstcase scenario for Solana
If the price fails to break 90 and falls it might drop to the next support level A sharp rejection could even push it back to the 60 range depending on overall market conditions