Solana (SOL) Grinds Upward as Broader Market Stabilizes — Is a Breakout Brewing?
BY
Ben Graham
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Solana started a decent upward move above the $165 zone. SOL price is now consolidating and faces hurdles near the $172 zone.
Solana Price Eyes Upside Break
Solana price remained stable and started a decent recovery wave above $155, like Bitcoin and Ethereum. SOL was able to climb above the $162 pivot level.
There was a move above the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. However, the bears are now active near the $172 resistance zone. There is also a rising channel forming with resistance at $175 on the hourly chart of the SOL/USD pair.
Solana is now trading above $162 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $172 level and the 61.8% Fib retracement level of the downward move from the $188 swing high to the $145 low.
The next major resistance is near the $175 level. The main resistance could be $188. A successful close above the $188 resistance zone could set the pace for another steady increase. The next key resistance is $202. Any more gains might send the price toward the $220 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 $165 zone. The first major support is near the $162 level.
A break below the $162 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 – $165 and $162.
Major Resistance Levels – $172 and $175.