Solana started a continuous rise above the $165 resistance area. The price of SOL is trading above $175 and aims to gain above $185.
- SOL price is showing positive signs from the $165 support area against the US Dollar.
- The price is now trading above $172 and the 100 hourly simple moving average.
- There was a break above the main bearish line with resistance at $177 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could find bullish momentum to retest $200 if it clears the $182 resistance.
Solana Price Eyes More Upsides
The price of Solana formed a base above the level of $160 and started a new rise like Bitcoin and Ethereum. There was a decent move above the $165 and $170 resistance levels. The bulls even pushed the price above $175.
There was a break above the key bearish line with resistance at $177 on the SOL/USD hourly chart. The pair even tested $182 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $172.35 swing low to the $182.10 high.
Solana is now trading above $172 and the 100 hourly simple moving average. On the other hand, the price is facing resistance near the $182 level. The next major resistance is near the $185 level.
The main resistance would be $188. A successful close above the $185 and $188 resistance levels could set the pace for further upside. The next key resistance is $195. Any further gains could send the price to the $200 level.
Low Resolution in SOL?
If SOL fails to rise above the $182 resistance, it could start a downward correction. The first support on the downside is near the $180 level. The first major support is near the $176 level or the 61.8% Fib retracement level of the upside from the $172.35 swing low to the $182.10 high.
A break below the $176 level would send the price to the $172 area. If there is a close below the $172 support, the price may drop to the $165 support in the near term.
Technical References
Hourly MACD – MACD for SOL/USD is trending in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Major Support Levels – $1878 and $176.
Major Resistance Levels – $182 and $185.
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