Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?
Solana is holding gains above the $150 resistance zone. SOL price is consolidating and might aim for a fresh increase above the $162 resistance zone.
- SOL price started a fresh increase above the $155 zone against the US Dollar.
- The price is now trading near $155 and the 100-hourly simple moving average.
- There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $155 support zone.
Solana Price Regains Traction
Solana price extended its increase above the $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 downside correction.
There was a move below the $160 and $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 of the recent decline from the $162 swing high to the $155 low.
Solana is now trading near $155 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near the $158 level. The next major resistance is near 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 main resistance could be $162.
Source: SOLUSD on TradingView.comA successful close above the $160 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.
More Downsides in SOL?
If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $155 level. The first major support is near the $154 level.
A break below the $154 level might send the price toward the $149 zone. If there is a close below the $149 support, the price could decline toward the $142 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $155 and $149.
Major Resistance Levels – $158 and $162.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sonic Adopts Chainlink CCIP for Cross-Chain Messaging and DeFi Growth
Saudi’s Kingdom Holding Remains Cautious on Crypto Despite Surge in MENA Region Adoption
CME Group clarifies no official decision made on XRP, Solana futures contracts
Senator Lummis to unveil major development regarding strategic Bitcoin reserve at 10 a.m.