Solana (SOL) Plunges Lower, Market Sentiment Turns Sharply Bearish

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana failed to settle above $85 and trimmed most gains. SOL price is now consolidating losses above $80 and might continue to move down. - SOL price started a fresh decline below $84 and $82 against the US Dollar. - The price is now trading below $82 and the 100-hourly simple moving average. - There was a break below a declining channel with support at $82 on the hourly chart of the SOL/USD pair (data source from Kraken). - The price could start a recovery wave if the bulls defend $80 or $78.50. Solana Price Dips From $85 Solana price failed to remain stable above $84 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $82 and $81.50 levels. Besides, there was a break below a declining channel with support at $82 on the hourly chart of the SOL/USD pair. The bears even pushed the price toward $80. A low was formed at $79.92, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $84.65 swing high to the $79.92 low. Solana is now trading below $82 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $81.10 level. The next major resistance is near the $82.20 level or the 50% Fib retracement level of the downward move from the $84.65 swing high to the $79.92 low. The main resistance could be $82.80. A successful close above the $82.80 resistance zone could set the pace for another steady increase. The next key resistance is $84.50. Any more gains might send the price toward the $85 level. More Losses In SOL? If SOL fails to rise above the $82.80 resistance, it could continue to move down. Initial support on the downside is near the $80 zone. The first major support is near the $78.50 level. A break below the $78.50 level might send the price toward the $72 support zone. If there is a close below the $72 support, the price could decline toward the $70 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $79.92 and $78.50. Major Resistance Levels – $82.20 and $82.80.

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