BEARISH 📉 : Solana price struggles below $95, risks further declines
Solana's price continues to decline, struggling to stabilize above $102. The current trading is below $95, and resistance is forming at $98.
- SOL price has dropped below key levels: $100 and $95 against the USD.
- Currently trades below the 100-hour simple moving average.
- A bearish trend line with resistance is noted at $98 on the SOL/USD hourly chart.
- Recovery may start if $90 or $85 support levels hold.
Current Market Dynamics
The price began a fresh decline, following trends similar to Bitcoin and Ethereum. It fell below significant support at $100 and $95.
Bearish momentum increased below $92, with a low at $89. The price is consolidating losses below the 23.6% Fib retracement level from $106 to $89.
Resistance is seen near $93 and further at $97, aligning with the 50% Fib retracement level. A major resistance zone is at $102; surpassing it could lead to increases toward $106 and potentially $112.
Potential for Further Decline?
If SOL fails to overcome $98 resistance, further declines are possible. Initial supports are at $90 and $85. Breaching $85 could push the price down to $82, with a risk of reaching $74 if it breaks below $82.
Technical Indicators:
- MACD is in the bearish zone.
- RSI is below 50.
- Support Levels: $90, $85
- Resistance Levels: $98, $102