Solana began a gradual enhance above the $165 resistance zone. SOL value is buying and selling nicely above $175 and aiming for extra beneficial properties above $185.
- SOL value is exhibiting optimistic indicators from the $165 assist zone towards the US Dollar.
- The value is now buying and selling above $172 and the 100-hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance at $177 on the hourly chart of the SOL/USD pair (information supply from Kraken).
- The pair might achieve bullish momentum to retest $200 if it clears the $182 resistance.
Solana Price Eyes More Upsides
Solana value shaped a base above the $160 degree and began a recent enhance like Bitcoin and Ethereum. There was an honest transfer above the $165 and $170 resistance ranges. The bulls even pumped the worth above $175.
There was a break above a key bearish pattern line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even examined $182 and it at present consolidating beneficial properties above the 23.6% Fib retracement degree of the upward transfer from the $172.35 swing low to the $182.10 excessive.
Solana is now buying and selling above $172 and the 100-hourly easy shifting common. On the upside, the worth is dealing with resistance close to the $182 degree. The subsequent main resistance is close to the $185 degree.
The foremost resistance may very well be $188. A profitable shut above the $185 and $188 resistance ranges might set the tempo for one other regular enhance. The subsequent key resistance is $195. Any extra beneficial properties may ship the worth towards the $200 degree.
Downside Correction in SOL?
If SOL fails to rise above the $182 resistance, it might begin a draw back correction. Initial assist on the draw back is close to the $180 degree. The first main assist is close to the $176 degree or the 61.8% Fib retracement degree of the upward transfer from the $172.35 swing low to the $182.10 excessive.
A break beneath the $176 degree may ship the worth towards the $172 zone. If there’s a shut beneath the $172 assist, the worth might decline towards the $165 assist within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 degree.
Major Support Levels – $1878 and $176.
Major Resistance Levels – $182 and $185.
