Solana's $90 Game of Chicken: Support Holds the Line While Resistance Taps Its Watch

Solana's attempt to cling to the $90 handle failed, sending it into a modest pullback. The SOL price has now retreated below $88, but the market is watching to see if it can muster the courage for another charge at that psychological fortress.

Against the US Dollar, SOL has begun a downside correction below $88. It’s currently holding above $85 and the 100-hourly simple moving average, like a degen clinging to a meme coin bag. A bullish trend line is offering support at $85 on the hourly SOL/USD chart (data from Kraken). However, the whole setup could turn into a rug pull if the price slips below the $84 zone.

Following the lead of Bitcoin and Ethereum, SOL couldn't sustain its $90 flex and started to correct. It dipped below $88 and $87, officially entering a short-term bearish zone—call it the penalty box for failed breakout attempts. The price even dove below the 50% Fib retracement level of the move from the $81.71 swing low to the $90.29 high, giving the $85 support a proper stress test.

That bullish trend line, acting like a safety net for hopeful bulls, is still in play with support at $85 on the hourly chart. For now, SOL is trading above $85 and the 100-hourly simple moving average, which is basically the crypto equivalent of saying it hasn't fallen off the couch yet.

On the upside, the first bouncer at the club is resistance near $88. The real VIP section is near $90, with the main door possibly at $92. A clean close above the $92 resistance could signal the start of another grind upward. The next key resistance is $96. Any further momentum might just send the price flirting with the holy grail of $100.

If SOL fails to conquer the $90 resistance, it could very well start another slide. Initial downside support is clustered near the $85 zone, which includes the trend line and the 61.8% Fib retracement level of the move from the $81.71 swing low to the $90.29 high—a real committee of support.

The first major support is near $84. A decisive break below $84 might just yeet the price toward the $82 support zone. A daily close below $82 could see SOL heading for a date with the $76.50 support level in the near term, which is not a fun trip.

Technical indicators are flashing mixed signals. The hourly MACD for SOL/USD is losing momentum in the bullish zone, while the hourly RSI is hovering near the 50 level, perfectly undecided. Major support levels to watch are $85 and $82. Major resistance levels are $88 and $90.