Solana (SOL) Price Surpasses $175, Eyes $200 Retest
Solana is experiencing a steady increase, surpassing the $165 resistance zone. The SOL price is currently above $175 and targeting gains beyond $185.
- SOL price shows positive movement from the $165 support zone against the US Dollar.
- The price trades above $172 and the 100-hourly simple moving average.
- A break occurred above a key bearish trend line with resistance at $177 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may gain bullish momentum to retest $200 if it clears the $182 resistance.
Solana Price Eyes More Upsides
Solana formed a base above $160, initiating an increase similar to Bitcoin and Ethereum. The price moved above the $165 and $170 levels, reaching over $175.
A key bearish trend line was broken at $177 on the hourly chart. The price tested $182 and is consolidating gains above the 23.6% Fib retracement level from the $172.35 swing low to the $182.10 high.
Currently, Solana trades above $172 and the 100-hourly simple moving average. Resistance is present near the $182 level, with the next major resistance at $185.
Main resistance could be at $188. A close above $185 and $188 may lead to further increases, with the next key resistance at $195. Additional gains could push the price towards $200.
Downside Correction in SOL?
If SOL does not rise above $182, a downside correction may occur. Initial support is near $180, with major support around $176 or the 61.8% Fib retracement level from the $172.35 swing low to the $182.10 high.
A decline below $176 could lead the price toward $172. A close below $172 may result in a drop to the $165 support level.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $178 and $176.
Major Resistance Levels – $182 and $185.