Solana (SOL) Drifts Lower, Is a Drop Below $85 Now Imminent?

Solana failed to settle above $92 and extended losses. SOL price is now consolidating losses below $90 and might struggle to start a recovery wave. SOL price started a fresh decline below $90 and $88 against the US Dollar. The price is now trading below $88 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $88 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $85 or $80. Solana Price Revisits $85 Solana price failed to remain stable above $92 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $90 and $88 support levels. The price gained bearish momentum below $87.20. A low was formed at $85.10, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $90.81 swing high to the $85.10 low. Solana is now trading below $88 and the 100-hourly simple moving average. On the upside, immedi