Prior to the bears' arrival, Solana climbed near $80. The SOL price is retracing its gains, but bulls may keep pushing toward the $65 support level.

A big upswing in SOL price occurred as prices above the $65 barrier level, but then dollar bears emerged.

Past $65 and the 100-simple-moving-average (4-hour) price, trade has taken place.

On the 4-hour chart of the SOL/USD pair, a crucial bullish trend line is emerging, with support located at $65.00.

If there is a clear break below the $55.00 support, the pair might accelerate lower.

The price of Solana has begun a downward correction.

Over the past two days, Solana's price has soared beyond the $60 mark. Similar to Bitcoin and Ethereum, SOL's positive momentum increased as it landed over $65.

The price even surpassed the $72 mark, thanks to the bulls. Recently, there was a pullback to the negative after the price formed a high near $77.72. It touched $70 and traded below $72. The bears succeeded in bringing the price down below the $77.72 high, which is the 23.6% Fib retracement line of the rise from the $53.50 swing low.

There has been no change in SOL's price action above the 4-hour simple moving average (100) or $66. Support at $65.00 and a crucial positive trend line are both visible on the 4-hour chart of the SOL/USD pair.

Approximately halfway between the $53.50 swing low and the $77.72 high, the trend line forms a half-Fibonacci retracement. On the upside, the $72.00 level is where you'll see immediate resistance. Approximately $75.00 marks the first significant degree of resistance.

Now, the key level of resistance is close to $78. Closing over the $78 barrier may pave the way for a more substantial gain. About $82.50 lies the next important barrier. If prices continue to rise, they may reach the $86.52 mark.

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Further Setbacks for SOL?

A continuation of the decline is possible if SOL is unable to get over the $72.00 barrier. The $68.00 level is a potential initial support area for a decline.

If prices go below $62, they may encounter resistance at the trend line or the $65.00 mark, the first important support level. A possible short-term slide toward the $55 support might occur if the price closes below the $62 support.

Performance Metrics

The 4-hour MACD for SOL/USD is moving farther into the negative territory.

Relative Strength Index (RSI) over the last four hours shows that the SOL/USD pair is trading below the 50 mark.

Both $62.00 and $65.00 are major support levels.

The key levels of resistance are $72.00, $75.00, and $78.00.