Solana's SOL token has slid below the $87 mark and is now trading under its 100-hourly simple moving average, a sign that sellers are in control. The cryptocurrency hit a low of $83.35 in recent trading and is now consolidating near $85 after failing to hold above the $92 level.
Key resistance levels to watch
Traders are eyeing a resistance zone between $85.80 and $88.50. A close above $88.50 could trigger a recovery toward $90 and then $92, according to data from Kraken. But for now, a bearish trend line forming at $85 on the hourly SOL/USD chart is keeping the price pinned down.
Support levels under pressure
On the downside, major support sits at $83.50 and $82.00. If SOL breaks below $82, the next stop could be $80, and a deeper slide toward $75 isn't out of the question. The price is already struggling to stay above $85 after the failed run at $92.
Technical indicators point lower
The hourly MACD is showing bearish momentum, and the Relative Strength Index is below 50. Both readings reinforce the downward trend. The market isn't seeing any strong buying pressure yet, and the consolidation near $85 feels fragile.
Whether SOL can hold the $82 support in the coming sessions is the open question. A break below that level would likely accelerate losses, while a move above $88.50 could shift the tone.
