Solana began a recent improve above the $162 zone. SOL worth is now consolidating close to $175 and may lengthen features above the $180 zone.
- SOL worth began a recent upward transfer above the $155 and $162 ranges in opposition to the US Dollar.
- The worth is now buying and selling under $165 and the 100-hourly easy shifting common.
- There is a short-term rising channel forming with assist at $172 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might begin a recent improve if it clears the $176 resistance zone.
Solana Price Consolidates Gains
Solana worth shaped a base above the $150 assist and began a recent improve, like Bitcoin and Ethereum. SOL gained tempo for a transfer above the $155 and $162 resistance ranges.
However, the bears have been energetic under the $180 resistance zone. A excessive was shaped at $180.10 and the value corrected some features. The worth dipped under $175 and $172. A low was shaped at $169.53 and the value is now making an attempt one other improve.
There was a transfer above the 50% Fib retracement stage of the downward transfer from the $180 swing excessive to the $170 low. Solana is now buying and selling above $172 and the 100-hourly easy shifting common. There can also be a short-term rising channel forming with assist at $172 on the hourly chart of the SOL/USD pair.
On the upside, the value is dealing with resistance close to the $176 stage and the 61.8% Fib retracement stage of the downward transfer from the $180 swing excessive to the $170 low. The subsequent main resistance is close to the $180 stage.
The most important resistance may very well be $185. A profitable shut above the $185 resistance zone might set the tempo for one other regular improve. The subsequent key resistance is $192. Any extra features may ship the value towards the $200 stage.
Downside Correction in SOL?
If SOL fails to rise above the $176 resistance, it might begin one other decline. Initial assist on the draw back is close to the $172 zone. The first main assist is close to the $170 stage.
A break under the $170 stage may ship the value towards the $162 zone. If there’s a shut under the $162 assist, the value might decline towards the $150 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 stage.
Major Support Levels – $172 and $170.
Major Resistance Levels – $176 and $180.
