Solana started a fresh increase above the $175 zone. SOL price is showing signs of strength and it could rise further above the $185 resistance.
- SOL price started a decent upward move above the $175 resistance against the US Dollar.
- The price is now trading above $175 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could seek further upside if it clears the $185 resistance level.
Solana Price Sees Further Upside Above $185
Solana price remained in a positive zone above $150 and extended its rise above $155. SOL started a fresh increase above the $162 and $165 resistance levels, breaking above Bitcoin It is Ethereum.
There was a move above the $180 level. The price surged over 5% and tested the $185 resistance. A high was formed at $185.11 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $170.58 swing low to $185.11 high.
Solana is now trading above the $180 level and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $176 on the hourly chart of the SOL/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $170.58 swing low to $185.11 high.
On the upside, the price could face resistance near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another steady increase. The next key resistance is near the $192 level. Any further gains could send the price towards the $200 level.
Are dives supported in SOL?
If SOL fails to climb above the $185 resistance, it could start a downside correction. The initial support on the downside is near the $180 level. The first major support is near the $176 level and the trendline.
A break below the $176 level could send the price towards $168. If there is a close below the $168 support, the price could decline towards the $155 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $180 and $176.
Key resistance levels – $185 and $188.