Solana Price Surges Above $172 with Resistance Near $180

Solana (SOL) is experiencing a price increase, currently trading above $172 after starting from the $165 support level.

SOL price has surpassed the $170 mark against the US Dollar.
The price is above $172 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $170 on the hourly chart.
The price may rise further if it breaks through the $180 resistance zone.

Current Price Movement

SOL formed a base over $165 and moved past both $170 and $172. A high of $177.50 was recorded, with the price consolidating gains above the 23.6% Fib retracement level.

Resistance levels are noted at $178 and $180, with the main resistance at $185. If SOL closes above $185, it could lead to further increases, targeting $192 and possibly $200.

Potential Decline Risks

If SOL does not surpass $180, a decline could occur. Initial support is at $174.50, with major support at $172 and the 50% Fib retracement level.

A drop below $172 may push the price towards $170 and potentially $162 if the $170 support fails.

Technical indicators show that the MACD is in a bullish zone, and the RSI is above 50.

Major support levels: $172, $170

Major resistance levels: $178, $180