Bears In Control Below $92 –

• Solana price extended decline below the $92 support against the US Dollar.
• The price is now trading below $90 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $90.00 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $90 and $92 to start a fresh recovery wave in the near term.

Solano price is struggling below $92 against the US Dollar, similar to bitcoin. SOL could decline sharply if there is a clear move below the $82 support.

Solana (SOL) Price Analysis

SOL price attempted an upside break above the $100 and $102 levels, but failed. As a result, it started a fresh decline below the $95 and $92 support levels.

The pair settled below the $90 support zone and the 55 simple moving average (4-hours). It even spiked below the $85 level and traded as low as $82.08. It is now consolidating losses and trading above $85. On the upside, an immediate resistance is near the $86.80 level.

The 23.6% Fib retracement level of the downward move from the $102 swing high to $82 low is also near $97. The next major resistance is near the $90 level. There is also a key bearish trend line forming with resistance near $90.00 on the 4-hours chart of the SOL/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $102 swing high to $82 low. The next major resistance on the upside is near the $92.50 level and the 55 simple moving average (4-hours).

To start another increase, the price must settle above the $90.00 and $92.50 levels in the near term. The next major resistance could be $100.00, above which the price could rise to $110.00. On the downside, there is a key support near $82.

The next key support is near the $80 level. A downside break below the $80 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $72 level.

Looking at the chart, solana price is clearly trading below $90.00 and the 55 simple moving average (4-hours). Overall, the price must clear $90 and $92 to start a fresh recovery wave in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $82.00 and $80.00.

Key Resistance Levels – $86.80, $90.00 and $92.50.

Tags: SOL, Solana