Solana held gains above the $150 resistance area. SOL price is consolidating and may aim for a fresh rise above the $162 resistance area.
- The price of SOL started a new increase above the $155 area against the US Dollar.
- The price is now trading near $155 and the 100 hourly simple moving average.
- There is an important bullish channel forming supported by $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start another uptrend if it stays above the $155 support area.
Solana Price Returns Drag
Solana price extended its rise above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears emerged. A high was formed at $162 and the price began a lower correction.
There was a move below the $160 and $158 levels. However, the bulls have been working near the $155 support area. A low was formed at $155 and the price is now covering losses below the 23.6% Fib retracement level of the recent decline from the $162 swing high to the $155 low.
Solana is now trading near $155 and the 100 hourly simple moving average. There is also an important bullish channel based on $155 on the SOL/USD hourly chart.
On the other hand, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is near the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The main resistance would be $162.
A successful close above the $160 and $162 resistance levels could set the pace for further upside. The next key resistance is near $175. Any further gains could send the price to the $180 level.
More cons to SOL?
If SOL fails to rise above the $158 resistance, it could start another decline. The first support on the downside is near the $155 level. The first major support is near the $154 level.
A break below the $154 level would send the price to the $149 area. If there is a close below the $149 support, the price may drop to the $142 support in the near term.
Technical References
Hourly MACD – The SOL/USD MACD is losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is below the 50 level.
Major Support Levels – $155 and $149.
Major Resistance Levels – $158 and $162.