Solana began a steady rally above the $165 resistance zone. SOL is trading well above $175 and is targeting further gains above $185.
- SOL price is showing positive signs from the $165 support zone against the US dollar.
- The price is currently above $172 and the 100-hour elementary moving average.
- On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $177 (data source Kraken).
- The pair could gain bullish momentum and retest $200 if it breaks through the $182 resistance.
Solana Price has more advantages
Solana price formed a base above the $160 level and began a recent rally, similar to Bitcoin and Ethereum. There has been a decent move above the $165 and $170 resistance levels. The bulls even pushed the price above $175.
There has been a break above the key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested the $182 level and is currently consolidating gains above the 23.6% Fib retracement level, an upward move from a low of $172.35 to a high of $182.10.
Solana is currently trading above $172 and the 100-hour elementary moving average. On the other hand, the price is facing resistance near the $182 level. The next major resistance is near the $185 level.
The main resistance may be at $188. A successful close above the $185 and $188 resistance levels could set the pace for another sustained rally. The next key resistance is $195. Any further gains could push the price towards the $200 level.
Correction of declines in SOL?
If SOL fails to break above the resistance at $182, it could start a downside correction. Initial downside support is near the $180 level. The first major support is located near the $176 level or the 61.8% Fib retracement level, which is a sign of an upward move from a low of $172.35 to a high of $182.10.
A break below the $176 level could push the price towards the $172 zone. If a close occurs below the support at $172, the price may drop towards the support at $165 in the near future.
Technical indicators
Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $1,878 and $176.
Major resistance levels – $182 and $185.
