Solana (SOL) extended its decline below $88 after failing to hold above $92, with the token now consolidating losses near the $85 level as bearish momentum builds on the hourly chart.
SOL Drops Below $88
The selloff followed a broader downturn across major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
SOL broke through the $90 and $88 support levels before hitting a low of $85.10.
The token is now trading below the 100-hourly simple moving average. A bearish trend line has formed with resistance at $88 on the hourly chart of the SOL/USD pair.
On the upside, the 61.8% Fibonacci retracement level of the move from the $90.81 swing high to the $85.10 low sits near $88.60, with $90 serving as the main resistance. A close above $90 could open the path toward $95 and potentially $102.
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Key Support Levels
If SOL cannot reclaim the $88 level, further downside pressure is likely. Immediate support rests at $85, followed by $82.
A break below $82 would expose the $80 zone. Should that level fail, the next target is $74.
The hourly MACD is gaining pace in bearish territory, and the RSI remains below 50.
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