Solana is maintaining gains above the $150 resistance zone. SOL price is consolidating and may seek a further rise above the $162 resistance zone.
- SOL price started a new increase above the $155 zone against the US Dollar.
- The price is now trading near $155 and the 100 hourly simple moving average.
- There is a major ascending channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start another rise if it remains above the $155 support zone.
Solana Price regains traction
Solana price extended its rise above $155 resistance as Bitcoin and Ethereum. SOL even rose above $160 before the bears appeared. A high was formed at $162 and the price began a negative correction.
There was a move below the $160 and $158 levels. However, bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the level 23.6% Fibonacci retracement of the recent decline from the $162 swing high to $155 swing low.
Solana is now trading near $155 and the 100 hourly simple moving average. There is also a major ascending channel forming with support at $155 on the hourly chart of the SOL/USD pair.
On the upside, the price faces resistance near the $158 level. The next major resistance is near the $160 level. It is near the 76.4% Fibonacci retracement level of the recent decline from the swing high of $162 to $155 low. Main resistance could be at $162.
A successful close above the $160 and $162 resistance levels could set the pace for another steady rise. The next key resistance is near $175. Any further gains could send the price towards the $180 level.
More disadvantages in SOL?
If SOL fails to rise above the $158 resistance, it could begin another decline. Initial downside support is near the $155 level. The first major support is near the $154 level.
A break below the $154 level could send the price towards the $149 zone. If there is a close below the $149 support, the price could fall towards the $142 support in the near 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 – $155 and $149.
Main resistance levels – $158 and $162.
