Solana Price Moves Above $162, Eyes Resistance at $172

Solana (SOL) is experiencing a price increase, currently consolidating above $162, with potential gains targeting $180.

SOL has moved above $160 and $162 against the US Dollar.
The price is trading above $162 and the 100-hourly simple moving average.
A key bullish trend line supports at $165 on the hourly chart of the SOL/USD pair.
A breakthrough above the $172 resistance could initiate further gains.

Price Movement Overview

Solana found support around $155 and increased significantly, surpassing the $162 resistance. It broke above the 23.6% Fib retracement level from its previous swing high of $182 to a low of $155.

Current price challenges include resistance near $170, close to the 50% Fib retracement for the same range. A major resistance level exists at $172, with $180 as the next target. Successful closure above $180 could lead to further increases towards $192.

Downside Risks

If SOL does not surpass $172, it might decline, with initial support around $165 and $162. A drop below $162 could push the price towards $155, and below $150 may lead to further declines toward $145.

Technical Indicators

Hourly MACD shows bullish momentum.
RSI for SOL/USD is above 50.
Major support levels are at $165 and $162.
Major resistance levels are at $172 and $182.