Solana Price Consolidates Gains, Eyes Break Above $172 Resistance
Solana (SOL) Price Update
- SOL price is increasing, starting from the $162 zone.
- Currently consolidating above $165 and the 100-hourly simple moving average.
- A contracting triangle is forming, with resistance at $168 on the hourly chart.
- Further gains are possible if SOL clears the $172 resistance level.
Price Movement and Resistance Levels
SOL has surpassed the $165 mark and breached the $168 resistance. The upward momentum follows support found near the $162 level.
- The 76.4% Fib retracement of the downward move acts as resistance around $170.
- Major resistance levels identified at $172 and $175.
- A close above $175 may lead to increased momentum towards $182 and $192.
Potential Downside Risks
If SOL does not overcome the $170 resistance, a decline could occur.
- Initial support is near $164, with major support at $162.
- A break below $162 may lead to further declines towards $152 and potentially $145.
Technical Indicators
- Hourly MACD shows decreasing bullish momentum.
- RSI for SOL/USD is currently above 50.