Solana started a steady rise above the $155 zone. The SOL price is signaling a decent rise above the USD 162 and USD 165 resistance levels.
- SOL price started a decent upward move above the USD 155 resistance against the US dollar.
- The price is now trading above $158 and the 100-hour moving average.
- A major bullish trendline is forming with support at $159 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could aim for more upside if it overcomes the $162.50 resistance level.
Solana price remains in uptrend
Solana price remained in a positive zone above USD 145 and extended the increase above USD 150. SOL forms a base and looks to more upside, while Bitcoin and Ethereum correct gains.
There was a move above the USD 158 level. The price surpassed the 50% Fib retracement level from the recent decline from the $164.90 swing high to the $154.85 low. There is also a major bullish trendline forming with support at $159 on the hourly chart of the SOL/USD pair.
Solana is now trading above the $158 level and the 100-hour moving average. On the upside, the price could encounter resistance near the USD 162.50 level. It is close to the 76.4% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low.
The next major resistance is around the $165 level. A successful close above the $165 resistance could set the pace for another steady rise. The next major resistance is near USD 172. Any further gains could send the price towards the USD 180 level.
Are dips supported in SOL?
If SOL fails to rise above the USD 162.50 resistance, a downside correction could occur. The initial downside support is near the USD 160 level. The first major support is near the $158 level and trendline.
A break below the USD 158 level could send the price towards USD 155. If there is a close below the $155 support, the price could fall towards the $150 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 158 and USD 155.
Major resistance levels – $162.50 and $165.