Solana is trading just above $80. Technically trend remains bearish as price has not broken any key resistance level. Price over the last couple of sessions has formed a base just above $80. Any attempt to break below it has been met by buyers push price again above $80.
Solana price so far respects the horizontal support. Failure to do so will be a bearish signal that could push price to new lows towards $70. Solana despite recent upward bounces towards $105, remains in a bearish trend and this can be seen more clearly in the Daily chart.
Solana price continues to trade below the key downward sloping red trend line. Price has so far tested the trend line twice and both times price got rejected. The RSI is providing bullish divergence signals, but this is only a warning and not a reversal signal. Only a break above $96 and eventually above $105 will be a bullish reversal signal. If that happens, our bounce target will be at $138-$145 area where we find key Fibonacci retracement levels.
