Solana (SOL) Rebounds Again, Buyers Target Next Upside Leg

Solana found support at $81.40 and corrected some losses. $SOL price is now consolidating above $83.50 and might aim for a steady increase.

• $SOL price started a decent recovery wave above $82 and $83.50 against the US Dollar.
• The price is now trading near $84 and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $83.45 on the hourly chart of the $SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $84.50 and $85.00.

Solana Price Starts Recovery

Solana price remained stable and started a decent recovery wave from $81.40, like Bitcoin and Ethereum. $SOL was able to climb above the $82.50 level.

There was a move above the 50% Fib retracement level of the downward move from the $85.48 swing high to the $81.40 low. Besides, there was a break above a bearish trend line with resistance at $83.45 on the hourly chart of the $SOL/USD pair.

However, the bears are active below $85.00 and the 76.4% Fib retracement level of the downward move from the $85.48 swing high to the $81.40 low. Solana is now trading near $84 and the 100-hourly simple moving average.

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $84.50 level. The next major resistance is near the $85.50 level. The main resistance could be $87. A successful close above the $87 resistance zone could set the pace for another steady increase. The next key resistance is $92. Any more gains might send the price toward the $102 level.

Another Decline In $SOL？

If $SOL fails to rise above the $85.50 resistance, it could continue to move down. Initial support on the downside is near the $83.45 zone. The first major support is near the $82.50 level.

A break below the $82.50 level might send the price toward the $81.40 support zone. If there is a close below the $81.40 support, the price could decline toward the $77 zone 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 – $82.50 and $81.40.

Major Resistance Levels – $84.50 and $85.50.