Solana started a new increase above the $175 zone. SOL price is showing signs of strength and could rise further above the USD 185 resistance.
- SOL price started a decent upward move above the USD 175 resistance against the US dollar.
- The price is now trading above $175 and the 100-hour moving average.
- A major bullish trendline is forming with support at $176 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could look for more upside if it overcomes the $185 resistance level.
Solana Price sees more upside above $185
Solana price remained in a positive zone above USD 150 and extended the increase above USD 155. SOL started a new increase above the USD 162 and USD 165 resistance levels, outperforming Bitcoin and Ethereum.
There was a move above the USD 180 level. The price rose over 5% and tested the USD 185 resistance. A high was reached at $185.11 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.
Solana is now trading above the $180 level and the 100-hour moving average. There is also a major bullish trendline forming with support at $176 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $170.58 swing low to the $185.11 high.
On the upside, the price could encounter resistance near the USD 185 level. The next major resistance is around 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. Any further gains could send the price towards the USD 200 level.
Are dips supported in SOL?
If SOL fails to rise above the USD 185 resistance, a downside correction could occur. The initial downside support is near the USD 180 level. The first major support is near the $176 level and trendline.
A break below the USD 176 level could send the price towards USD 168. If there is a close below the USD 168 support, the price could fall towards the USD 155 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 180 and USD 176.
Major resistance levels – $185 and $188.