Market
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.
A 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.
