Solana maintains gains above the $150 resistance zone. SOL price is consolidating and may aim for a recent rally above the resistance zone at $162.
- SOL price has started a recent rally above the $155 zone against the US dollar.
- The price is currently trading near $155 and the 100-hour plain moving average.
- A key upward channel is forming on the hourly chart of the SOL/USD pair with support at $155 (data source from Kraken).
- The pair could start another rally if it holds above the $155 support zone.
Solana Price is regaining traction
Solana price extended its rally above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears emerged. The high was formed at $162, after which the price began a downward correction.
There was a move below the $160 and $158 levels. However, bulls were dynamic near the support zone at $155. The bottom is forming at $155, and the price is currently consolidating losses below the 23.6% Fib retracement level formed during the recent decline from a high of $162 to a low of $155.
Solana is currently trading near $155 and the 100-hour plain moving average. A key upward channel is also forming on the hourly chart of the SOL/USD pair with support at $155.
On the other hand, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from a high of $162 to a low of $155. The main resistance could be $162.
A successful close above the $160 and $162 resistance levels could set the pace for another sustained rally. The next key resistance is around $175. Any further gains could push the price towards the $180 level.
More flaws in SOL?
If SOL fails to break above the resistance at $158, another decline could begin. Initial downside support is near the $155 level. The first major support is located near the $154 level.
A break below the $154 level could push the price towards the $149 zone. If a close occurs below the $149 support, the price may drop towards the $142 support in the near future.
Technical indicators
Hourly MACD – MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Main support levels – $155 and $149.
Major resistance levels – $158 and $162.
