Solana (SOL) Price: Support Maintained as Technical Indicators Align for Possible Rally

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TLDR

  • Solana slipped under $88 following a failed attempt to stay above $90, though it is currently stabilizing near $85
  • The RSI is at 47.68, indicating a neutral stance without a clear buy signal
  • For the first time since January, SOL has moved back above the Ichimoku cloud on the 4-hour timeframe
  • Market experts identify $88.60 as a critical breakout point; surpassing this could lead to a rally toward $95–$100
  • A short-term shift in momentum is indicated by the 50MA crossing back over the 100MA

Solana (SOL) is currently priced between $87 and $88, retreating from a peak of $90.29. After falling below the $88 and $87 marks, the asset found support near $85.

Price of Solana (SOL)

SOL is maintaining its position above the 100-hourly simple moving average. It has a 24-hour trading volume of $9.99 billion and a market capitalization of $49.91 billion, marking a 4.70% increase in the last day.

The recent price drop pushed SOL under the 50% Fibonacci retracement level of its $81.71 to $90.29 climb. On the hourly chart, a bullish trend line is emerging with support at $85, coinciding with the 61.8% Fibonacci level.

On March 2, analyst BitGuru suggested that SOL might have finished its correction and started consolidating. He highlighted the formation of higher lows near a specific support area as a sign that selling pressure is diminishing.

Experts are monitoring $88.60 as the primary level to recover. Commentator More Crypto Online noted that exceeding Sunday’s high of $88.60 would indicate that buyers are taking back control.

Key Resistance Levels to Watch

Resistance levels are identified at $88, $90, and $92. Closing above $92 might pave the way for a move toward $96 and eventually $100.

Should SOL fail to clear $90, potential downside targets include $84 and $82. A daily close under $82 could drive the price down to $76.50.

With an RSI of 47.68, the asset remains in neutral territory. The MACD stands at 1.80, showing slight positivity but remaining under the -4.29 signal line. While bearish pressure is fading, bulls have yet to establish dominance.

SOL is currently trading significantly under its long-term moving averages, with the 50-day SMA at $103.66, the 100-day at $117.73, and the 200-day at $156.34.

Ichimoku Cloud Break Signals Shift

SOL has climbed back above the Ichimoku cloud on the 4-hour chart, a feat not seen since January. During February, all upward movements were capped by this cloud formation.

On the 4-hour timeframe, the 50-period moving average has crossed above the 100-period moving average. Analyst CryptoCurb characterized this as a fundamental shift in trend structure.

Both moving averages are starting to trend upward. A projection from CryptoCurb suggests a possible rise to $100 or higher, provided the price stays above the newly reclaimed support levels.

Currently, SOL is valued at $87.64, showing preliminary signs of recovery although a full trend reversal is not yet confirmed.