Solana appears to have found a short-term floor around $85 and has kicked off a modest recovery, now consolidating above $90 as bulls test higher levels.
Price action and context
- After dipping to roughly $85, SOL began a rebound that pushed it back above the $90 mark, tracking a broader relief move seen in Bitcoin and Ethereum.
- On the hourly chart (Kraken data), SOL cleared a key bearish trend line that had been capping rallies near $88 and is trading above the 100-hour simple moving average — signs of improving momentum.
Fibonacci and resistance levels
- The recovery passed the 50% Fibonacci retracement of the decline from the $97.67 swing high to the $85.10 low (about $91.4), and is approaching the 61.8% retracement near $92.8.
- Immediate resistance sits around $92.2–$92.8, with a more meaningful hurdle at $95. A daily close above $95 could open the path toward $102, and then possibly $112 if bullish momentum continues.
Bearish scenario and supports
- If SOL fails to clear the $92.8 area, downside pressure could re-emerge. Initial support is around $88.4, with major support at $85.
- A break below $85 would likely target $82, and a sustained close under $82 could push SOL toward the $75 zone in the near term.
Technical indicators
- Hourly MACD is bullish and gaining pace.
- Hourly RSI sits above 50, supporting the short-term recovery.
- SOL is trading above the 100-hour SMA, reinforcing the current consolidation above $90.
What to watch
- Bull case: sustained break and close above $95 to target $102 and then $112.
- Bear case: failure at $92.8, drop to $88.4/$85 and potential slide toward $82–$75.
Data source: Kraken (hourly SOL/USD).
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