Solana started a fresh increase above the $162 zone. SOL price is now consolidating near $175 and might extend gains above the $180 zone.
SOL price started a fresh upward move above the $155 and $162 levels against the US Dollar.
The price is now trading below $165 and the 100-hourly simple moving average.
There is a short-term rising channel forming with support at $172 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $176 resistance zone.
Solana Price Consolidates Gains
Solana price formed a base above the $150 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $155 and $162 resistance levels.
However, the bears were active below the $180 resistance zone. A high was formed at $180.10 and the price corrected some gains. The price dipped below $175 and $172. A low was formed at $169.53 and the price is now attempting another increase.
There was a move above the 50% Fib retracement level of the downward move from the $180 swing high to the $170 low. Solana is now trading above $172 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $172 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $176 level and the 61.8% Fib retracement level of the downward move from the $180 swing high to the $170 low. The next major resistance is near the $180 level.
The main resistance could be $185. A successful close above the $185 resistance zone could set the pace for another steady increase. The next key resistance is $192. Any more gains might send the price toward the $200 level.
Downside Correction in SOL?
If SOL fails to rise above the $176 resistance, it could start another decline. Initial support on the downside is near the $172 zone. The first major support is near the $170 level.
A break below the $170 level might send the price toward the $162 zone. If there is a close below the $162 support, the price could decline toward the $150 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $172 and $170.
Major Resistance Levels – $176 and $180.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
