Solana began its steady rise above the $165 resistance zone. SOL price is trading above $175 and targeting further profits above $185.
- SOL price is showing positive signs at the $165 support zone against the US dollar.
- The price is currently trading above $172 and the 100-hour simple moving average.
- On the hourly chart of the SOL/USD pair (data source from Kraken), a breakout occurred above the main bearish trend line with resistance at $177.
- A break above the $182 resistance could provide bullish momentum to retest $200.
Solana Price looks for more upside
Solana price formed a base above the $160 level and began a new rise like Bitcoin and Ethereum. There was significant movement above the $165 and $170 resistance levels. The bulls even pushed the price above $175.
On the hourly chart of the SOL/USD pair, a breakout occurred above the main bearish trend line with resistance at $177. The pair tested as high as $182 and is currently consolidating gains above the 23.6% Fib retracement level, rising from the $172.35 swing low to the $182.10 high.
Solana is currently trading at $172 and above the 100-hour simple moving average. On the other hand, the price is finding resistance near $182. The next major resistance is near the $185 level.
Major resistance could be $188. A successful close of the $185 and $188 resistance levels could set up another steady upward pace. The next major resistance is $195. If more profits are made, the price may rise to the $200 level.
Fixing the shortcomings of SOL?
If SOL fails to rise above the $182 resistance, a downward correction could begin. Initial support for the downside is near the $180 level. The first major support is near the $176 level or the 61.8% Fib retracement level rising from the $172.35 swing low to the $182.10 high.
A break below the $176 level could push the price towards the $172 area. If the price closes below the $172 support, the price may decline towards the $165 support in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for SOL/USD is above the 50 level.
Key support levels – $1,878 and $176.
Key resistance levels – $182 and $185.