 ▲ Solana (SOL) / ChatGPT-generated image |
Solana (SOL) faced strong resistance around the $90 level, giving back part of its recent gains and once again confronting the threat of a downtrend.
In an article published on March 11 (local time), NewsBTC senior market analyst Aayush Jindal analyzed that Solana (SOL) entered a correction phase after failing to establish itself above $90. Solana had recently shown signs of recovery by breaking through the $82 and $85 resistance levels sequentially, but it failed to overcome selling pressure near $88.80 and is currently moving within a range around the $85 level.
Technical indicators show that Solana encountered strong resistance at $88.80, the 61.8% Fibonacci retracement level of the decline from the $94.10 high to the $80.29 low. On the hourly chart, although it broke above a key descending trend line that had formed resistance at $85.50, upward momentum appears to be weakening. Solana is currently holding above the 100-hour simple moving average and the $85 support level, defending against downward pressure.
For Solana to resume its upward rally, it must clearly break through the primary resistance zone between $88.80 and $90. If it successfully closes and stabilizes above $90, it could pave the way toward the next target of $95 and potentially extend gains to the psychological resistance level at $102. However, the hourly MACD is accelerating in bearish territory, and the RSI remains below 50, leaving open the possibility of further short-term declines.
If the downtrend continues, $84.50 is expected to serve as the first support level, with $82.50 positioned as a key support zone below. Should the $82.50 level break, the price risks retreating to the psychological support at $80. A close below $80 could expand losses toward the $74 region in the short term, warranting caution from investors.
The Solana market is currently in a phase of seeking direction between a thick sell wall above and support levels below. As it continues to move in tandem with leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), shifts in overall market sentiment are expected to be a crucial factor in determining Solana’s next trend. Whether buyers can defend key support levels and reclaim $90 will be the key point to watch this week.
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