Solana (SOL) has mounted a recovery after finding support at $81.40, climbing above $82 and $83.50 against the US Dollar. The cryptocurrency now trades near $84, just above the 100-hourly simple moving average, according to data from Kraken.
This upward move mirrors similar recoveries in Bitcoin and Ethereum, signaling a broader market bounce. Technical indicators show SOL broke a bearish trend line at $83.45 on the hourly chart, a key level that had previously capped gains.
The token surpassed the 50% Fibonacci retracement of the recent decline from the $85.48 high to the $81.40 low. However, it remains below the 76.4% Fib level, and bears have been active near the $85.00 zone, preventing a clear breakout.
Immediate resistance sits at $84.50; a decisive move above that could open the door to test $85.00. If SOL fails to clear these levels, it may consolidate further, with buyers needing to defend the $83.50 support to sustain the momentum.
Some analysts caution that the broader crypto market remains volatile, and a failure to hold above $82 could trigger another dip toward the recent low.