Solana Faces Resistance at $166 Amid Recovery Attempt

Solana's price experienced a decline below the $162 mark and is currently attempting to recover, facing resistance near the $166 zone.

SOL dropped below $165 and $162 against the US Dollar, trading under the 100-hourly simple moving average.
A break occurred above a bearish trend line with resistance at $155 on the SOL/USD hourly chart.
The price may continue to rise if it surpasses $165 and $166.

Recovery Efforts

After failing to hold above $175, Solana declined past the $170 and $165 support levels. It gained downward momentum below $160, hitting a low of $145 before starting a recovery wave.

There was an upward move above the 23.6% Fib retracement level from $188 swing high to $145 low.
The price trades below $165 and the 100-hourly simple moving average.

Solana Price

Resistance levels include $165, $166, and potentially $172. A close above $172 could lead to further gains towards $180 and $188.

Potential Decline

Failure to exceed $166 resistance may result in further declines. Initial support lies near $160, followed by $155. A drop below $155 may push the price down to $148 and possibly $142.

MACD for SOL/USD shows reduced bearish momentum.
RSI for SOL/USD is above 50, indicating relative strength.
Key support levels: $155, $148.
Key resistance levels: $165, $166.