Solana started a new increase compared to the $ 162 zone. Sol Price is now consolidating the profits and can strive for more profit above $ 172 zone.
- Sol Price started a new upward movement above the levels of $ 165 and $ 166 against the US dollar.
- The price is now traded above $ 165 and the 100-hour simple advancing average.
- There is a contracting triangle that forms with resistance at $ 168 on the hour table of the SOL/USD pair (Data Source of Kraken).
- The couple can start a new increase if it knew the $ 172 resistance zone.
Solana Price Eyes Upside Break
Solana Price started a considerable increase after it had found support near the $ 162 zone, such as Bitcoin and Ethereum. Sol climbed above the level of $ 165 to enter a positive zone in the short term.
The price even beat the $ 1682 resistance. The bulls were able to push the price above the 50% FIB racement level of the downward movement of the $ 172 swing high to $ 162 low. However, the bears are active near the $ 170 zone.
The FIB racement level of 76.4% of the downward movement of the $ 172 Swing high to $ 162 Low acts as a resistance. There is also a contracting triangle that forms with resistance at $ 168 on the hour table of the SOL/USD pair.
Solana is now traded above $ 165 and the 100-hour simple advancing average. Moreover, the price is confronted with resistance near the level of $ 170. The next major resistance is near the $ 172 level. The most important resistance can be $ 175. A successful closure above the $ 175 resistance zone could determine the pace for a new steady increase. The next key resistance is $ 182. More profits can send the price to the $ 192 level.
Are the disadvantages limited in SOL?
If Sol does not exceed $ 170 resistance, this can start a new decline. The first support on the other hand is near the $ 164 zone. The first major support is near the level of $ 162.
A break below the level of $ 162 can send the price to the $ 152 support zone. If there is an end under the support of $ 150, the price can fall to $ 145 support in the short term.
Technical indicators
Hourly MacD – The MACD for SOL/USD loses pace in the bullish zone.
Hours -hours RSI (relative strength -index) -The RSI for SOL/USD is above 50 level.
Important support levels – $ 164 and $ 162.
Important resistance levels – $ 170 and $ 172.