Solana started a fresh increase from the $83.50 zone. SOL price is now consolidating and might aim for more gains above the $85.50 zone.
- SOL price started a fresh upward move above the $83 and $84 levels against the US Dollar.
- The price is now trading above $84 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $83.80 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $85.50 resistance zone.
Solana Price Eyes Key Upside Break
Solana price corrected gains from the $85.50 zone but remained stable above the $83 zone, like Bitcoin and Ethereum. SOL formed a low near $83.20 and started a fresh upward move.
The price climbed above the $84 level to enter a short-term positive zone. It surpassed the 50% Fib retracement level of the downward move from the $85.85 swing high to the $83.27 low. Besides, there is a bullish trend line forming with support at $84.00 on the hourly chart of the SOL/USD pair.
Solana is now trading above $84 and the 100-hourly simple moving average. On the upside, the price is facing resistance near $85.20 and the 76.4% Fib retracement level of the downward move from the $85.85 swing high to the $83.27 low. The next major resistance is near the $85.50 level.
The main resistance could be $88. A successful close above the $88 resistance zone could set the pace for another steady increase. The next key resistance is $90. Any more gains might send the price toward the $95 level.
Another Drop In SOL?
If SOL fails to rise above the $85.50 resistance, it could start another decline. Initial support on the downside is near the $83.80 zone and the trend line. The first major support is near the $82.50 level.
A break below the $82.50 level might send the price toward the $80 support zone. If there is a close below the $78 support, the price could decline toward the $72 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $83.80 and $82.50.
Major Resistance Levels – $85.50 and $88.00.