Solana's recent performance has raised concerns among traders, as the cryptocurrency has struggled to maintain stability. After failing to settle above $102, SOL has seen a significant decline, now trading below the critical $95 mark. This downward trend indicates that the price may face further challenges in initiating a recovery wave. The latest price action reveals that SOL has broken below both $100 and the 100-hourly simple moving average, suggesting bearish momentum is taking hold.

The key resistance level on the hourly chart is forming at $98, driven by a bearish trend line. Should Solana's bulls manage to defend the $90 support level, there may be a chance for a bounce-back. However, if the price slips below this critical threshold, the situation could worsen, with the next support level looming near $85. Recent fluctuations have seen SOL dip to a low of $89, and as it consolidates losses, the overall sentiment appears to be bearish.

In terms of technical indicators, the hourly MACD is gaining pace within the bearish zone, while the RSI remains below the crucial 50 level, further confirming the lack of upward momentum. Traders are closely watching the immediate resistance at $93, with the next significant hurdle positioned at $97. If SOL can secure a close above $102, it may pave the way for a more substantial increase, potentially targeting the $106 level.

However, the broader market context provides little solace. Bitcoin and Ethereum have also faced declines, with Bitcoin recently falling below $73,500. This has raised the stakes as BTC now consolidates losses while confronting resistance near $75,500. The interrelation between these major cryptocurrencies and Solana means that SOL's performance could be impacted by the overall market sentiment.

As Solana continues to grapple with its recent downturn, traders are urged to remain cautious. A failure to reclaim the $98 resistance could lead to further declines, with many now speculating whether SOL will test the $82 support zone. The current landscape underscores the volatility of the crypto market, a reminder that both opportunities and risks abound. Investors should keep a close eye on the upcoming support levels and resistance points to better navigate the uncertain waters ahead.