Solana Pulls Back From $90: Short-Term Bearish, Key Support At $76

Headline: Solana Pulls Back From $90 — Short-Term Bearish Set-Up with Key Support at $76 Solana (SOL) gave back recent gains after failing to hold above $90, sliding back into a short-term bearish phase. The token is trading below $85 — and more importantly below the 100-hour simple moving average — and could see buyers reappear near the $76 zone if the correction continues. What happened - SOL started a downside correction alongside broader market weakness in Bitcoin and Ethereum, dropping under $85 and $82. - Price cleared the 50% Fibonacci retracement of the move from the $67.40 swing low to the $89.72 high, signaling weakening momentum. - On the hourly chart (Kraken data), a bearish trend line is forming with resistance at about $81. Immediate technical picture - Trading: Below $82 and the 100-hour SMA. - Resistance: $81 (trend line), $82.20, $85 (key barrier). A decisive close above $85 would be needed to reclaim bullish momentum and target $90 and then $102. - Support: $76 (also the 61.8% Fib), major support at $72.50. A break under $72.50 could open a slide toward $68, and a daily close under $68 would leave $60 on the radar. Indicators - Hourly MACD: Increasing bearish momentum. - Hourly RSI: Under 50, indicating pressure on the upside. Outlook If SOL fails to clear the $82–$85 zone, look for further downside toward $76 and $72.50. Conversely, reclaiming and holding above $85 would put $90 and $102 back in view. Traders should monitor the trend line near $81 and the 100-hour SMA for short-term direction. Read more AI-generated news on: undefined/news