Solana (SOL) Turns Positive Amid Market Calm — Does the Trend Have Legs?
BY
Ben Graham
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Solana started a recovery wave above the $162 pivot zone. SOL price is now consolidating and faces hurdles near the $172 zone.
Solana Price Starts Recovery
Solana price extended losses below $150 before the bulls appeared, like Bitcoin and Ethereum. SOL tested the $145 zone and recently started a recovery wave.
There was a move above the $155 and $162 resistance levels. Besides, there was a break above a contracting triangle with resistance at $162 on the hourly chart of the SOL/USD pair. The pair even spiked above the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low.
Solana is now trading above $162 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $168 level. The next major resistance is near the $172 level or the 61.8% Fib retracement level of the downward move from the $188 swing high to the $145 low.
The main resistance could be $178. A successful close above the $178 resistance zone could set the pace for another steady increase. The next key resistance is $185. Any more gains might send the price toward the $196 level.
Another Decline In SOL?
If SOL fails to rise above the $172 resistance, it could continue to move down. Initial support on the downside is near the $162 zone. The first major support is near the $160 level.
A break below the $160 level might send the price toward the $155 support zone. If there is a close below the $155 support, the price could decline toward the $150 zone 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 – $155 and $150.
Major Resistance Levels – $168 and $172.