SOL’s Plunge: Will It Drown in the $85 Abyss?

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Ah, Solana, once a soaring phoenix, now a feather in the wind, tumbling below the clouds of $92. Its wings, heavy with losses, struggle to find the thermals of recovery, fluttering helplessly beneath the $90 mark.

  • The poor SOL, like a drunkard on a slippery slope, stumbles below $90 and $88, its steps unsteady against the stern US Dollar.
  • Now, it wallows beneath $88, shackled by the chains of the 100-hourly simple moving average, a prisoner of its own bearish fate.
  • Behold, a sinister trend line emerges on the hourly chart of the SOL/USD pair (courtesy of Kraken), its resistance at $88 a mocking specter.
  • Yet, hope flickers-if the bulls, those valiant fools, can hold the line at $85 or $80, perhaps a recovery wave will rise from the ashes.

Solana, once a star in the crypto firmament, has fallen from grace, its stability above $92 a distant memory. Like a leaf in autumn, it descends, joining its brethren Bitcoin and Ethereum in their downward spiral. Below $90 and $88, it finds no refuge, only the cold embrace of bearish momentum.

At $85.10, it hits the ground, bruised but not broken, consolidating its losses beneath the 23.6% Fib retracement level of its fall from $90.81. Now, it trades below $88, the 100-hourly simple moving average its constant companion. Resistance looms at $88, a fortress guarded by the bearish trend line on the hourly chart of the SOL/USD pair.

Should it dare to rise, the next hurdle awaits at $88.60, the 61.8% Fib retracement level, a gatekeeper to greater heights. The true test lies at $90-a successful breach could herald a steady ascent, with $95 and $102 glimmering on the horizon like mirages in the desert.

But alas, if SOL falters at $88, the abyss beckons. Initial support crumbles at $85, and the first major bastion stands at $82. Should it fall further, $80 awaits, a last line of defense. A breach here, and $74 looms, a specter of deeper despair.

Technical Whispers:

Hourly MACD – The MACD for SOL/USD quickens its pace in the bearish zone, a harbinger of darker days.

Hourly RSI – The RSI for SOL/USD lingers below 50, a silent testament to its weakness.

Major Support Levels – $85 and $80, fragile lifelines in a sea of uncertainty.

Major Resistance Levels – $88 and $90, towering walls to scale.

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2026-03-23 08:28