Solana (SOL) Holds Ground in Tight Range — Traders Watch for Directional Cue
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Solana started a fresh increase from the $160 zone. SOL price is now consolidating gains and might aim for more gains above the $172 zone.
SOL price started a fresh increase above the $165 level against the US Dollar.
The price is now trading above $168 and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $167 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $172 resistance zone.
Solana Price Recovers Above $165
Solana price formed a base above the $160 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $162 and $165 resistance levels.
There was a clear move above the 50% Fib retracement level of the downward move from the $177 swing high to the $160 low. Besides, there was a break above a connecting bearish trend line with resistance at $167 on the hourly chart of the SOL/USD pair.
However, the bears were active near the $172 resistance zone. The 76.4% Fib retracement level of the downward move from the $177 swing high to the $160 low is acting as a resistance.
Solana is now trading above $168 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $172 level. The next major resistance is near the $176 level. The main resistance could be $180. A successful close above the $180 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.
Another Decline in SOL?
If SOL fails to rise above the $172 resistance, it could start another decline. Initial support on the downside is near the $168 zone. The first major support is near the $165 level.
A break below the $165 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 losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $165 and $162.
Major Resistance Levels – $172 and $176.
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* 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.
