Solana started a fresh increase above the $160 zone. SOL price is now correcting gains and might find bids near the $155 support zone
- SOL price started a fresh upward move above the $155 and $160 levels against the US Dollar.
- The price is now trading below $162 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $162 resistance zone.
Solana Price Corrects Gains
Solana price started a decent increase after it cleared the $160 resistance, like Bitcoin and Ethereum. SOL climbed above the $162 level to enter a short-term positive zone.
However, the price is facing a major hurdle at $168 and $169. A high is formed at $168.60 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the upward move from the $158 swing low to the $168 high.
Besides, there was a break below a key bullish trend line with support at $162 on the hourly chart of the SOL/USD pair. Solana is now trading below $162 and the 100-hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $158 swing low to the $168 high.
The price is now approaching the $158 support. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. The main resistance could be $1685. A successful close above the $168 resistance zone could set the pace for another steady increase. The next key resistance is $178. Any more gains might send the price toward the $185 level.
More Losses in SOL?
If SOL fails to rise above the $162 resistance, it could start another decline. Initial support on the downside is near the $158 zone. The first major support is near the $155 level.
A break below the $155 level might send the price toward the $150 zone. If there is a close below the $150 support, the price could decline toward the $145 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $158 and $155.
Major Resistance Levels – $162 and $168.