Solana found support near $160. SOL price is rising slowly and could gain bullish momentum if it breaks out of the $172 resistance area.
- SOL price adjusted lower and tested the $160 support zone against the US dollar.
- The price is currently trading above $165 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 $164.
- Failure to hold above $165 could lead to removal of the $172 resistance level.
Solana price may gain momentum
Solana price formed a support base near $160 and began a recovery. SOL underperformed Bitcoin and Ethereum but broke the $165 resistance line.
On the hourly chart of the SOL/USD pair, a breakout occurred above the main bearish trend line with resistance at $164. There was also a spike above the $170 area and the 50% Fib retracement level with a downward move from the $181 swing high to the $160 low.
Solana price is currently trading above $165 and the 100-hour simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another big rally.
The next major resistance is the 76.4% Fib retracement level near $176 or a downside move from the $181 swing high to the $160 low. If more profits are made, the price may drop to the $180 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $172 resistance, it could begin another downtrend. Initial support for the downside is near the $167 level.
The first major support is near the $165 level, below which the price may test $160. If the price closes below the $160 support, the price may decline towards the $150 support in the near term.
technical indicators
Hourly MACD – The MACD for SOL/USD is losing speed in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $165 and $160.
Key resistance levels – $170, $172, $180.