Solana slipped after failing to hold the $85 mark and has pulled back into a short-term consolidation phase that could set up either a fresh leg higher or a deeper correction.
After peaking at $85.89, SOL dropped below $84 and $83.50, briefly testing the $83 area before stabilizing. On Kraken’s hourly chart the token is trading just above the 100‑hour simple moving average and is supported by a rising trend line around $82.50. Those levels are currently anchoring price action as traders decide the next direction.
Bullish case
- Near-term resistance sits at $84, with $85 as the immediate hurdle. A decisive close above $88 would likely open the way toward the next targets around $95 — and, if momentum continues, the $100 zone.
- The recent pullback respected the 50% retracement of the move from the $81.42 swing low to the $85.89 high, suggesting buyers are still active around these levels.
Bearish case
- If SOL fails to reclaim $85 and loses the trend-line support at about $82.50, the first major support is $81.40. A break below $81.40 could push SOL toward the $80 area, and a sustained close under $80 would increase the risk of a drop to roughly $76.50 in the near term.
Technical readouts
- Hourly MACD: losing bullish momentum.
- Hourly RSI: trading below 50, indicating mild bearish pressure.
- Key supports: $82.50 and $80.00.
- Key resistances: $85.00 and $88.00.
Bottom line: SOL is consolidating between roughly $82–$85. Watch for a clear close above $88 for a bullish continuation, or a break below $80 for a more pronounced correction. Data source: Kraken.
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