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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.
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