Solana Breaks Below ₱4,821 ($80) After Failing at ₱5,122 ($85) Resistance
Solana consolidated losses below ₱4,821 ($80) after a failed attempt at $85 resistance. The price broke through a bullish trend line near $81.50, signaling momentum has shifted bearish.
Key Takeaway
SOL's breakdown below $81.50 trend line support puts $75 and $70 in play unless bulls reclaim $82.50.
Solana consolidated losses below $80 after a failed attempt at $85 resistance.
SOL broke through a bullish trend line near $81.50 on the hourly chart from Kraken, signaling momentum has shifted. The breakdown pushed SOL toward $78, where it formed a low at $78.30 before a minor recovery attempt.
The price is now consolidating losses below the 23.6% Fibonacci retracement level from the swing high of $86.63 down to the $78.30 low. Immediate resistance sits at $80.25 on the upside. Breaking that level opens $82.50, which marks the 50% Fib retracement and stands as the next major barrier.
Traders watching for a reversal need to see SOL reclaim $82.50 and push through $85. A close above $88 would flip the structure bullish again, with $92 as the next target. But the hourly RSI has dropped below 50, and SOL is trading under its 100-hourly simple moving average — both signs of bearish control.
The downside risks are stacking up. If $78 breaks, the first major support level sits at $75. Below that, SOL could test $70. A close below $70 would put $62 in play.
This article was written based on reporting from NewsBTC.
