After Solana (SOL) failed to hold above the $93 support, it slid below $88, and the hourly chart indicators have turned bearish, with traders watching the $85 support level as the last line of defense against further declines.
SOL price drop
This token has broken below both the $90 and $88 support levels, following the overall bearish trend of Bitcoin (BTC) and Ethereum (ETH). The selling pressure has dragged SOL down to $85.42.
The current price is trading below the 100-hour simple moving average.
The SOL/USD hourly chart shows a downtrend line forming with resistance around $88.
The 23.6% Fibonacci retracement level of the drop from the swing high of $93.40 to the low of $85.42 is positioned above the current price, reinforcing the bearish structure. For the bullish trend to regain control, SOL must close above $92, which would open a path for increases to $95 and possibly up to $102.
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SOL support zone
On the downside, $85 acts as an immediate support level. If this level breaks, it could fall below $82, exposing the $80 range.
If the selling pressure breaks below $80, the next target for the decline will be around $74.
The hourly MACD is increasing downward momentum in the bearish zone, while the RSI remains below 50.
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