Solana's price failed to hold above $85 and slid past $84 and $82 against the US dollar. The cryptocurrency is now trading below $82 and under the 100-hourly simple moving average, after breaking out of a declining channel with support at $82 on the hourly chart. A low of $79.92 was hit, and the market is now consolidating below the 23.6% Fibonacci retracement of the drop from $84.65 to $79.92.
Break Below Key Support
The move below $82 marks a significant shift in short-term momentum. Solana had struggled to settle above $85, and the failure to hold that level triggered a cascade of selling. The break of the declining channel at $82 added to the bearish pressure, sending the price to a fresh low near $80. The consolidation below the 23.6% Fib level suggests that buyers are not yet stepping in aggressively.
Resistance Levels Ahead
Immediate resistance is at $81.10, with the next major hurdle at $82.20 — the 50% Fib retracement of the recent drop. A stronger barrier sits at $82.80. If Solana can close above $82.80, it could attempt a recovery toward $84.50 and even the $85 mark. But for now, the path of least resistance appears to be lower.
Technical Indicators Turn Bearish
The hourly MACD is gaining pace in the bearish zone, and the Relative Strength Index (RSI) remains below 50. These readings point to continued selling pressure rather than a bounce. The RSI's inability to climb above the neutral line suggests that traders are leaning short.
Initial support is near $80. If that level gives way, the next major support is at $78.50. A deeper decline could take Solana to $72, and possibly $70. The question now is whether the $78.50 zone can hold as a floor or if the bears will push the price to test the $72 area.
