Solana (SOL) Price Analysis: Bears Take Control Below $90
    Solana price gained bearish momentum below the $90 level against the US Dollar.
    The price is now trading below $88 and the 55 simple moving average (4 hours).
    There is a key bearish trend line forming with resistance near $85.80 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
    The pair could recover, but the upsides might be limited above the $90 resistance.

Solana price is trading in a bearish zone below $90 against the US Dollar, like Bitcoin. SOL could accelerate further lower if it stays below the $88.00 resistance zone.

Solana (SOL) Price Analysis

SOL price started a major decline below the $95 support zone. The price gained bearish momentum below the $90 support zone. The bears were able to push the price below the $88 and $85 support levels.

A low was formed near $78.14 and the price is now consolidating losses. It seems like the price might attempt a recovery wave above the $82 level. There was already a spike above the 23.6% Fib retracement level of the downward move from the $103.49 swing high to the $78.14 low.

On the upside, immediate resistance is near the $85.50 level. There is also a key bearish trend line forming with resistance near $85.80 on the 4-hour chart of the SOL/USD pair.

The next major resistance is near the $90 level or the 50% Fib retracement level of the downward move from the $103.49 swing high to the $78.14 low. A clear move above the $90 and $90.50 resistance levels might call for a steady increase.

The next major resistance sits near the $100 level, above which the price might rise toward $105. Any more gains might send SOL price toward the $120 resistance zone.

On the downside, initial support is near the $80 level. A downside break below the $80 support level might spark a major drop. In the stated case, the price may perhaps decline toward the $72.00 level.

Solana (SOL) Price Analysis: Bears Take Control Below $90

Looking at the chart, Solana price is trading below $90 and the 55 simple moving average (4 hours). Overall, the price could recover, but the upsides might be limited above the $90 resistance.

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 – $80 and $72.

Key Resistance Levels – $85.50, $90.00, and $95.00.

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2024-01-24 08:16