Solana (SOL) Risks Slipping Deeper Into The Red As Momentum Fades

Solana failed to settle above $84 and trimmed most gains. SOL price is now consolidating losses above $78 and might continue to move down.

SOL price started a fresh decline below $82 and $81.20 against the US Dollar. The price is now trading below $81.20 and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $82.00 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $78.80 or $78.00. Solana Price Dips From $84

Solana price failed to remain stable above $83.20 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $82 and $81.50 levels.

The bears even pushed the price toward $80. A low was formed at $79.01, and the price is now consolidating losses. There was a break above the 38.2% Fib retracement