Solana holds gains above the USD 150 resistance zone. SOL price is consolidating and could aim for a fresh rise above the USD 162 resistance zone.
- The SOL price started a new increase above the $155 zone against the US dollar.
- The price is now trading near $155 and the 100-hour moving average.
- A major ascending channel is forming with support at $155 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could rise again if it remains above the $155 support zone.
Solana Price regains traction
Solana price extended its rise above the USD 155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears appeared. A high was formed at $162 and the price started a downward correction.
There was a move below the USD 160 and USD 158 levels. However, the bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level from the recent decline from the swing high of $162 to the low of $155.
Solana is now trading near $155 and the 100-hour moving average. A major ascending channel is also forming with support at $155 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around the $158 level. The next major resistance is around the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The key resistance could be at $162.
A successful close above the USD 160 and USD 162 resistance levels could set the pace for another steady rise. The next major resistance is near USD 175. Any further gains could send the price towards the USD 180 level.
More disadvantages in SOL?
If SOL fails to rise above the USD 158 resistance, it could trigger another decline. The initial downside support is near the USD 155 level. The first major support is near the $154 level.
A break below the $154 level could send the price towards the $149 zone. If there is a close below the $149 support, the price could fall towards the $142 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 155 and USD 149.
Major resistance levels – $158 and $162.