Solana struggled to clear the $172 resistance zone. SOL worth is correcting features and may quickly take a look at the $162 help zone.
- SOL worth is correcting features from the $172 resistance zone in opposition to the US Dollar.
- The worth is now buying and selling above $162 and the 100-hourly easy shifting common.
- There was a break under a connecting bullish pattern line with help at $166 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might revisit the $162 help zone earlier than the bulls take a stand.
Solana Price Eyes Retest of Support
Solana worth climbed above the $150 and $155 ranges. SOL gained tempo after there was a detailed above the $162 resistance degree. However, the bears have been energetic close to the $172 zone.
The worth began a draw back correction from the $171 excessive like Bitcoin and Ethereum. There was a transfer under the $168 degree. The worth declined under the 50% Fib retracement degree of the upward transfer from the $161.23 swing low to the $171.00 excessive.
Besides, there was a break under a connecting bullish pattern line with help at $166 on the hourly chart of the SOL/USD pair. Solana is now buying and selling above $162 and the 100-hourly easy shifting common.
On the upside, the worth is going through resistance close to the $168 degree. The subsequent main resistance is close to the $170 degree. The primary resistance may very well be $172. A profitable shut above the $170 and $172 resistance ranges might set the tempo for an additional regular enhance. The subsequent key resistance is $180. Any extra features may ship the worth towards the $188 degree.
More Losses in SOL?
If SOL fails to rise above the $170 resistance, it might begin one other decline. Initial help on the draw back is close to the $164 degree or the 76.4% Fib retracement degree of the upward transfer from the $161.23 swing low to the $171.00 excessive.
The first main help is close to the $162 degree. A break under the $162 degree may ship the worth towards the $155 zone. If there’s a shut under the $155 help, the worth might decline towards the $150 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is under the 50 degree.
Major Support Levels – $164 and $162.
Major Resistance Levels – $168 and $172.
