Solana struggled to break the $172 resistance zone. SOL price is correcting gains and could soon test the USD 162 support zone.
- SOL price is correcting gains from the USD 172 resistance zone against the US dollar.
- The price is now trading above $162 and the 100-hour moving average.
- There was a break below a connecting bullish trendline with support at $166 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could revisit the $162 support zone before the bulls take a stand.
Solana Price Eyes Support Retest
Solana price climbed above the USD 150 and USD 155 levels. SOL gained pace after a close above the $162 resistance level. However, the bears were active near the $172 zone.
The price started a downward correction from the high of $171, like Bitcoin and Ethereum. There was a move below the USD 168 level. The price fell below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.
Moreover, there was a break below a connecting bullish trendline with support at $166 on the hourly chart of the SOL/USD pair. Solana is now trading above $162 and the 100-hour moving average.
On the upside, the price is facing resistance around the $168 level. The next major resistance is around the $170 level. The key resistance could be at $172. A successful close above the USD 170 and USD 172 resistance levels could set the pace for another steady rise. The next major resistance is $180. Any further gains could send the price towards the USD 188 level.
Lose more in SOL?
If SOL fails to rise above the $170 resistance, it could trigger another decline. The initial downside support is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.
The first major support is near the $162 level. A break below the USD 162 level could send the price towards the USD 155 zone. 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 bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $164 and $162.
Major resistance levels – $168 and $172.