Solana (SOL) slipped below $84 and the 100-hour simple moving average after failing to hold gains above $90. This movement reflects the bearish trend across cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), with a downward trend line forming at the $84 resistance level on the hourly chart.
What happened: SOL adjustment deepened
The token fell, quickly breaking through $88 and $86, entering a short-term bearish phase. This decline brought the SOL price below the 61.8% Fibonacci retracement level of the upward wave from a low of $76.55 to a high of $91.20, briefly testing support at $80.
On the upside, $83, $84, and $85.60 serve as resistance. If a close above $85.60 continues, a path to $88 and further to $92 could open up.
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Why it matters: Downward risk remains
Technical indicators still point to weakness. The time-based MACD is losing momentum in a bullish phase, and the RSI remains below 50. If SOL does not recover $85, the next downside targets are $80 and $79, which align with the same swing zone of the 76.4% Fibonacci retracement level.
A drop below $79 exposes the support zone at $76.50, and a close below that could pull the price down to around $72.
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