Solana (SOL) is currently holding gains above the crucial $150 resistance zone. The SOL price is in a consolidation phase and may be gearing up for a fresh increase above the $162 resistance area. Let’s delve deeper into the current market dynamics and what might be next for Solana.
Key Points
- SOL price initiated a fresh increase above the $155 zone against the US Dollar.
- The price is now trading near $155 and the 100-hourly simple moving average.
- A key rising channel is forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $155 support zone.
Solana Price Regains Traction
Solana’s price extended its upward movement above the $155 resistance level, similar to Bitcoin and Ethereum. SOL even surged past $160 before encountering bearish pressure. A recent high was recorded at $162, followed by a downside correction.
The price saw a decline below the $160 and $158 levels. However, bullish activity was noted near the $155 support zone. A low was formed at $155, and the price is now consolidating losses below the 23.6% Fibonacci retracement level of the recent decline from the $162 swing high to the $155 low.
Currently, Solana is trading near $155 and the 100-hourly simple moving average. Additionally, a key rising channel with support at $155 is forming on the hourly chart of the SOL/USD pair.
Upside Potential
On the upside, the price faces resistance near the $158 level. The next significant resistance is around the $160 mark, close to the 76.4% Fibonacci retracement level from the recent decline from the $162 swing high to the $155 low. The primary resistance is expected to be at $162.
A successful close above the $160 and $162 resistance levels could pave the way for another steady increase. The next key resistance could be near $175, and further gains might propel the price toward the $180 level.
Potential Downsides for SOL
If SOL struggles to surpass the $158 resistance, it may initiate another decline. Initial support on the downside is near the $155 level, with the first major support at around $154.
A break below the $154 level might drive the price toward the $149 zone. If there is a close below the $149 support, the price could decline further toward the $142 support in the near term.
Technical Indicators
Hourly MACD: The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD is currently below the 50 level.
Major Support Levels: $155 and $149.
Major Resistance Levels: $158 and $162.
