Solana (SOL) Grinds Upward as Broader Market | Crypto News
Solana began a respectable upward transfer above the $165 zone. SOL price is now consolidating and faces hurdles close to the $172 zone.
- SOL price began a respectable upward transfer above $162 and $165 against the US Dollar.
- The price is now trading above $165 and the 100-hourly simple shifting average.
- There is a rising channel forming with resistance at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price may continue to transfer up if it clears $172 and $175.
Solana Price Eyes Upside Break
Solana price remained secure and began a respectable recovery wave above $155, like Bitcoin and Ethereum. SOL was in a position to climb above the $162 pivot stage.
There was a transfer above the 50% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low. However, the bears are now lively close to the $172 resistance zone. There is also a rising channel forming with resistance at $175 on the hourly chart of the SOL/USD pair.
Solana is now trading above $162 and the 100-hourly simple shifting average. On the upside, instant resistance is close to the $172 stage and the 61.8% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low.
The next major resistance is close to the $175 stage. The main resistance could possibly be $188. A profitable close above the $188 resistance zone may set the tempo for another regular increase. The next key resistance is $202. Any more beneficial properties would possibly ship the price toward the $220 stage.
Another Decline In SOL?
If SOL fails to rise above the $172 resistance, it may continue to transfer down. Initial assist on the draw back is close to the $165 zone. The first major assist is close to the $162 stage.
A break below the $162 stage would possibly ship the price toward the $155 assist zone. If there may be a close below the $155 assist, the price may decline toward the $150 zone in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $165 and $162.
Major Resistance Levels – $172 and $175.
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