Solana found support near the $160 zone. SOL price is slowly rising and could gain bullish momentum if it breaks the resistance zone at $172.
- SOL price corrected lower and tested the $160 support zone against the US dollar.
- The price is currently above $165 and the 100-hour basic moving average.
- On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $164 (data source Kraken).
- The pair may overcome the resistance at $172 unless it fails to hold above $165.
Solana’s price may gain momentum
Solana price formed a support base near the $160 level and started a wave of recovery. SOL underperformed Bitcoin and Ethereum, but managed to overcome the resistance at $165.
On the hourly chart, the SOL/USD pair broke out above the key bearish trend line with resistance at $164. There was even a jump above the $170 zone and the 50% Fib retracement level, which meant a downward move from the $181 high to the $160 low.
Solana is currently trading above $165 and the 100-hour basic moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the resistance at $172 could set the pace for another significant rally.
The next key resistance is located near $176 or the 76.4% Fib retracement level in a move down from the $181 high to the $160 low. Any further gains could push the price towards the $180 level.
Are drops supported in SOL?
If SOL fails to break above the resistance at $172, another decline could begin. Initial downside support is near the $167 level.
The first major support is located near the $165 level, below which the price may test $160. If a close occurs below the $160 support, the price could drop towards the $150 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 – $165 and $160.
Major resistance levels – $170, $172 and $180.
