Solana Drops to ₱5,121 ($85) Support After Failing to Hold ₱5,543 ($92)
Solana declined from a $93.40 swing high as bearish pressure pushed the price toward $85.42 support. The token now consolidates near $88 with the Relative Strength Index below 50 and MACD gaining pace in bearish territory.
Key Takeaway
Solana must defend $80 support or risk sliding to $74 as bearish momentum builds.
Solana tested $85 support after failing to hold above $92 and declining below $90. The decline started from a swing high of $93.40, with bears pushing the price toward $85.42 before a slight recovery. The price now consolidates near the 23.6% Fibonacci retracement level between that high and low, just below $88. A bearish trend line formed on the hourly chart with resistance at $88, according to Kraken data.
The immediate resistance sits at $88, with the next major barrier at $89.40 near the 50% Fibonacci retracement level. If bulls break through, $95 becomes the target, and gains beyond that could push Solana toward $102. The Relative Strength Index sits below 50, and the MACD is gaining pace in bearish territory.
On the downside, $82 marks the first major support level. If Solana closes below $80, the price could decline further toward $74 in the near term. The current price action mirrors declines in Bitcoin and Ethereum, suggesting broader market pressure.
Solana remains below its 100-hourly simple moving average, reinforcing the bearish setup. Bulls need to defend either the $85 zone or $80 to prevent further downside. The recovery wave depends on whether buyers can reclaim $88 and hold above the bearish trend line, with the next move hinging on whether the token holds above $82 or breaks below $80 toward $74.
This article was written based on reporting from NewsBTC.
