Headline: Solana Slips Under $80 as Bears Break Key Hourly Trend — Recovery Faces Uphill Battle
Solana (SOL) has lost momentum after failing to hold above $85, extending losses and slipping below $80 as traders digest weakness across the broader crypto market. Hourly Kraken data shows SOL trading under the 100-hour simple moving average and consolidating near recent lows, with bears currently in control.
What happened
- SOL rolled over from an $86.63 swing high and slid through the $85 and $82 thresholds, dipping as low as $78.30.
- The drop included a break below an hourly bullish trend line that had offered support at $81.50, signaling a shift in near-term bias.
- Price is now consolidating below the 23.6% Fibonacci retracement of the $86.63 → $78.30 decline and remains under the 100-hour SMA.
Key levels to watch
- Immediate resistance: $80.25
- Major resistance / 50% Fib: $82.50
- Main resistance zone: $85; a decisive close above $85 could open the path toward $88 and then $92
- Immediate support: $78
- Major support: $75 — a break here could target $70, with $62 the next downside magnet if losses accelerate
Technical read
- Hourly MACD: bearish momentum is accelerating.
- Hourly RSI: below 50, indicating the bears have the edge.
- Price action suggests bulls need to defend $78 (or ideally $75) to set up a legitimate recovery attempt; failure to reclaim $82.50 would likely keep pressure on the downside.
Bottom line
Solana’s short-term outlook remains tilted bearish until buyers can reassert control above the $82.50–$85 area. Defending the $78–$75 support band is critical for any recovery; otherwise, traders should watch for a potential extension toward $70 and lower.
Read more AI-generated news on: undefined/news
