Solana, Fear of $80 Collapse...All Gains Erased

▲ Solana (SOL)/AI-generated image © After failing to settle above $85, Solana (SOL) has fallen to the $80 mark, leading to a rapid shift towards bearish short-term market sentiment. According to crypto media outlet NewsBTC on May 28 (local time), Solana gave back most of its gains after failing to settle above $85. Solana began a new downtrend below $84 and $82, and is currently consolidating losses below $82 and the 100-hour Simple Moving Average. Solana failed to maintain a stable trend above $84 and entered a downtrend, similar to Bitcoin (BTC) and Ethereum (ETH). It subsequently fell below $82 and $81.50, respectively, and on the Solana/USD 1-hour chart, it broke out of a descending channel that had been providing support at $82. NewsBTC analyzed that bearish forces pushed Solana near $80, forming a low of $79.92. Solana is consolidating losses below the 23.6% Fibonacci retracement level of the downtrend from the $84.65 high to the $79.92 low. If a rebound occurs, the immediate resistance is $81.10, and the next major resistance is near $82.20 or the 50% Fibonacci retracement level of the downtrend. The key resistance is presented as $82.80. A close above the $82.80 resistance zone could set the stage for another stable upward trend, with the next key resistance at $84.50. Further gains could push it towards $85, according to the analysis. Conversely, if Solana fails to overcome the $82.80 resistance, the downtrend could continue. In case of a decline, the initial support is $80, and the first major support is $78.50. A break below $78.50 could push it to the $72 support zone, and a close below $72 could lead to a short-term drop to the $70 support level. The 1-hour Moving Average Convergence Divergence (MACD) is accelerating in the bearish zone, and the 1-hour Relative Strength Index (RSI) remains below 50. *Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*