Solana started a steady rise above the USD 165 resistance zone. The SOL price is trading well above USD 175 and aims for more gains above USD 185.
- SOL price is showing positive signals from the USD 165 support zone against the US dollar.
- The price is now trading above $172 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $177 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum to retest the $200 level if it manages to break the $182 resistance.
Solana Price has more positive aspects
Solana price formed a base above the $160 level and started a new increase, just like Bitcoin and Ethereum. There was a decent move above the USD 165 and USD 170 resistance levels. The bulls even pumped the price above $175.
There was a break above a key bearish trendline with resistance at $177 on the hourly chart of the SOL/USD pair. The pair even tested $182 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high.
Solana is now trading above $172 and the 100-hour moving average. On the upside, the price is facing resistance around the $182 level. The next major resistance is around the $185 level.
The main resistance could be at USD 188. A successful close above the USD 185 and USD 188 resistance levels could set the pace for another steady rise. The next major resistance is $195. Any further gains could send the price towards the USD 200 level.
Downward correction in SOL?
If SOL fails to rise above the USD 182 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 or the 61.8% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high.
A break below the USD 176 level could send the price towards the USD 172 zone. If there is a close below the USD 172 support, the price could fall towards the USD 165 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 – $1878 and $176.
Major resistance levels – $182 and $185.