Solana (SOL) slid below the $84 mark and its 100-hourly simple moving average after failing to hold gains above $90, mirroring a broader downturn in cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), with hourly chart data showing a bearish trend line forming at the $84 resistance level.
What Happened: SOL Correction Deepens
The token dropped through $88 and $86 in quick succession, entering a short-term bearish zone. The decline pushed SOL below the 61.8% Fibonacci retracement level of the upward wave from the $76.55 swing low to the $91.20 high, with the price briefly testing the $80 support.
On the upside, resistance sits at $83, $84 and $85.60. A sustained close above $85.60 could open the path toward $88 and potentially $92.
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Why It Matters: Downside Risk Remains
Technical indicators point to continued weakness — the hourly MACD is losing momentum in the bullish zone and the RSI sits below the 50 level. If SOL cannot reclaim $85, the next downside targets are $80 and $79, which aligns with the 76.4% Fibonacci retracement of the same swing.
A break below $79 would expose the $76.50 support zone, and a close beneath that level could send the price toward $72.
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