Can Solana (SOL) overcome key resistance and spark modern growth?

Solana refused again and tested the $160 support zone. SOL price is consolidating and may rebound if it breaks the resistance zone at $166.

SOL price corrected lower and tested the $160 support zone against the US dollar.
The price is currently below $168 and the 100-hour uncomplicated moving average.
On the hourly chart of the SOL/USD pair, a connecting bearish trend line is forming with resistance at $165 (data source from Kraken).
The pair may overcome the resistance at $166 unless it fails to hold above $160.

Eye Recovery Solana Price

Solana price remained in a short-term bear zone like Bitcoin and Ethereum. SOL tested the support zone at $160 and is currently consolidating losses. It is stuck below the $165 level.

There was a slight move above the 23.6% Fib retracement level resulting from a downward move from the $170 high to the $161.50 low. Solana is currently trading below $166 and the 100-hour uncomplicated moving average. Immediate resistance is near the $165 level.

A converging bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $165. The next major resistance is near the $166 level. A successful close above the resistance at $166 could set the pace for another significant rally.

Source: SOLUSD on TradingView.com

The next key resistance is located near $168 or the 61.8% Fib retracement level in a move down from the $170 high to the $161.50 low. Any further gains could push the price towards the $172 level.

More losses in SOL?

If SOL fails to break above the resistance at $166, another decline could begin. Initial downside support is near the $162 level.

The first major support is located near the $160 level, below which the price may test $155. If a close occurs below the $155 support, the price may drop towards the $150 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major support levels – $162 and $160.

Major resistance levels – $166, $168 and $172.