Solana has found support near the $160 zone. SOL price is slowly rising and could gain bullish momentum if it surpasses the $172 resistance zone.
- SOL price corrected lower and tested the $160 support zone against the US Dollar.
- The price is now trading above $165 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair may overcome the $172 resistance unless it fails to stay above $165.
Solana price could gain momentum
Solana price formed a support base near the $160 level and began a recovery wave. SOL underperformed Bitcoin It is Ethereum but managed to clear the $165 resistance.
There was a break above a downtrend line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fibonacci retracement level of the downward movement from the $181 swing high to the $160 low.
Solana price is now trading above $165 and the 100 hourly simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another big rally.
![Solana (SOL) Predicts a Strong Comeback: Will the Rally Trigger a Wave? 1 Solana Price (SOL)](https://thegurumedia.com/wp-content/uploads/2024/05/Solana_511d7a.png)
The next key resistance is near $176 or the 76.4% Fibonacci retracement level of the downward move from the $181 swing high to $160 low. from US$180.
Are dives supported on SOL?
If SOL fails to rise above the $172 resistance, it could begin another decline. Initial downside support is near the $167 level.
The first major support is near the $165 level, below which the price could test $160. If there is a close below the $160 support, the price could fall towards the $150 support in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $165 and $160.
Main resistance levels – $170, $172 and $180.