Solana has started a new uptrend above the $175 zone. SOL price is showing signs of strength and can move further above the $185 resistance level.
- SOL price started a decent uptrend above the $175 resistance level against the US dollar.
- The current price is trading above $175 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support at $176 on the hourly chart of SOL/USD (data source: Kraken).
- The pair could look for further upside if it breaks the $185 resistance level.
Solana Price Expected to Rise Above $185
Solana price stayed in positive territory above $150 and extended its uptrend above $155. SOL started a new uptrend above the $162 and $165 resistance levels and is outperforming Bitcoin and Ethereum.
There was a move above the $180 level. Price rose more than 5% and tested the $185 resistance. A high was formed at $185.11 and the price is currently consolidating near the 23.6% Fib correction level of the move from the $170.58 swing low to the $185.11 high.
Solana is currently trading above the $180 level and the 100-hourly SMA. There is also a major bullish trend line forming at $176 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the rally from the $170.58 swing low to the $185.11 high.
In the uptrend, the price may face resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another steady rise. The next major resistance is near $192. A further rise could send the price to the $200 level.
Is Dip supported in SOL?
If SOL fails to break above the $185 resistance level, a downward correction may begin. The initial support for the decline is near the $180 level. The first major support is near the $176 level and the trend line.
A break below the $176 level could see the price move to $168. If there is a close below the $168 support, the price could drop to the $155 support in the short term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $180 and $176.
Key resistance levels – $185 and $188.