Cryptocurrency analysts predict Solana’s drop to $ 82

Solana SOL $79.80 Binance-Peg SOL -4.62% Market capitalization $87.85 million VOL. 24 hours $0.27 billion failed to gain a foothold above $ 90 and after an attempt at growth began to lose ground. Currently, the price of SOL is facing resistance near $ 88 and risks falling below $ 82 again. At the same time, the asset has previously demonstrated a recovery above $ 78 and $ 82 against the US dollar, but further upward movement is still limited by technical barriers.

After stabilizing around $ 72, Solana, following Bitcoin and Ethereum, began to recover and rose above $ 80. The quotes also exceeded the 50% Fibonacci retracement level from the fall from a high of $ 106 to a low of $ 68. However, sellers became more active near $ 90, and the price dropped below $ 88.

On the hourly chart of the SOL/USD pair (according to Kraken), a key bearish trend line is forming with resistance at $ 85. SOL is currently trading below $ 85 and the 100-hour simple moving average. The nearest resistance is located near $ 85, and the next one is near $ 92, which corresponds to the 61.8% Fibonacci retracement of the move from $ 106 to $ 68. The main obstacle to growth remains the $ 96 zone. In the event of a strong close above $ 96, further movement to $ 105 and even $ 112 is possible.

If the price fails to overcome $ 85, the decline may continue. The initial support is located around $ 82, and the first significant support is at $ 80. A break below $ 80 will open the way to $ 75, and a close below this level could lead to a drop to $ 70 in the short term.

Technical indicators are pointing to an increase in bearish sentiment. The hourly MACD for SOL/USD is gaining momentum in the negative zone, and the RSI is below 50. The key support levels are $ 82 and $ 75, while the main resistance levels are $ 85 and $ 92.