Solana started a fresh increase above the $86 zone. SOL price is now consolidating near $88 and might aim for more gains above the $90 zone.
- SOL price started a fresh upward move above the $85 and $86 levels against the US Dollar.
- The price is now trading above $86 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $87.40 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $90 resistance zone.
Solana Price Starts Fresh Increase
Solana price started a decent increase after it settled above the $85 zone, like Bitcoin and Ethereum. SOL climbed above the $86 level to enter a short-term positive zone.
The price even smashed the $88 resistance. A high was formed at $89.95, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent upward move from the $83.27 swing low to the $89.95 high.
Solana is now trading above $87 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $87.40 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near $89. The next major resistance is near the $90 level. The main resistance could be $92. A successful close above the $92 resistance zone could set the pace for another steady increase. The next key resistance is $100. Any more gains might send the price toward the $102 level.
Downside Correction In SOL?
If SOL fails to rise above the $90 resistance, it could start another decline. Initial support on the downside is near the $87.40 zone. The first major support is near the $85.80 level and the 61.8% Fib retracement level of the recent upward move from the $83.27 swing low to the $89.95 high.
A break below the $85.80 level might send the price toward the $83.20 support zone. If there is a close below the $82 support, the price could decline toward the $76.50 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.
Major Support Levels – $87.40 and $85.80
Major Resistance Levels – $89.00 and $90.00.
