Solana’s recent struggles continue as the cryptocurrency fails to regain stability, with its price dipping below $95 and facing significant resistance levels that complicate any potential recovery. After being unable to maintain a price above $105, Solana has followed a downward trajectory similar to that of major cryptocurrencies like Bitcoin and Ethereum.
Currently trading beneath the $100 mark, Solana’s value has formed a low around $89 and is consolidating losses around this level. The bearish momentum is evident, with the price falling below the 23.6% Fibonacci retracement level of its recent decline from a peak of $106 to the low of $89. The downward trend is emphasized by a key bearish trend line that stands as resistance at approximately $98.
For Solana to spark a recovery, it is critical that buyers protect the $90 and $85 support zones. A successful recovery above the $98 resistance level could pave the way for further gains, targeting the next major resistance around $102, which, if breached, might initiate another upward trend towards the $106 threshold and potentially extend to $112.
The situation is precarious as Solana faces continued downward pressure. If the cryptocurrency cannot breach the $98 resistance, a further decline is possible, with initial support seen around the $90 zone and a more significant level at $85. A drop below the $85 mark could lead to prices tumbling towards the $82 support, ultimately risking a fall to $74.
Technical indicators paint a bleak picture, with the hourly MACD showing increased bearish momentum and the RSI remaining below the neutral 50 mark. As the market navigates these turbulent waters, traders and investors are left watching closely for any signs of a potential reversal or further decline.