BEARISH 📉 : Solana trades below $85, risks further decline to $76 zone

Solana (SOL) experienced a downside correction, unable to maintain its position above $90. The price is now trading below $85 and may find support near the $76 zone.

SOL's price dipped below $85 against the US Dollar, entering a bearish trend.
Currently, it trades below $82 and the 100-hourly simple moving average.
A bearish trend line forms resistance at $81 on the SOL/USD hourly chart (Kraken data source).
Potential for further losses if the price falls below $76.

The recent decline saw SOL fall beneath the 50% Fibonacci retracement level from the $67.40 low to the $89.72 high. Resistance is situated around $81 and $82.20, with significant resistance at $85. Surpassing $85 could lead to steady growth towards $90 and possibly $102.

Possible Further Declines

If SOL cannot overcome the $82 resistance, it risks declining further. Initial support lies at $76 and the 61.8% Fib retracement level of the upward wave from $67.40 to $89.72. Major support is near $72.50, with a break below potentially pushing the price towards $68 and possibly $60.

Technical Indicators:

Hourly MACD: Indicates growing bearish momentum for SOL/USD.
Hourly RSI: Below the 50 level, suggesting bearish sentiment.
Major Support Levels: $76 and $72.50.
Major Resistance Levels: $81 and $85.

Solana Price