Solana (SOL) has recently performed steadily above 175 USD, after constructing a bottom at the 155 USD level, bulls successfully pushed the price above the key resistance areas of 160 USD and 165 USD.
However, the current price is in a short-term technical correction phase, with the market focusing on its performance in the key support area to determine the next market direction.
SOL rebounded from 155 USD, bulls faced resistance at 185 USD
Recently, after stabilizing around 155 USD, SOL price entered an upward trend similar to Bitcoin and Ethereum.
Price broke through the resistance at 160 USD and 165 USD all the way, reaching a high of 184.75 USD, then encountered resistance and fell back.
During the adjustment process, the price broke below the 50% Fibonacci retracement level of the upward movement from the low of 166 USD to the high of 185 USD, dipping to around 172 USD, with bulls showing clear support willingness in that range.
Currently, the SOL price is trading around 175 USD, closely following the 100-hour simple moving average.
Short-term structure: forming a bullish flag, focus on breakout signals
From the hourly chart, the SOL/USD currency pair is building a short-term descending channel or bullish flag pattern, with support at 172 USD.
This structure usually indicates that the price is brewing the next wave of directional choice.
Upward target focus:
178 USD: Short-term resistance level
180 USD: Breaking through may stimulate short-term bullish momentum
185 USD: Key strong resistance, once broken, is expected to open a new round of upward momentum, target looking towards:
192 USD
200 USD (psychological and structural dual resistance)
If it loses 172 USD, the pullback space may expand
If SOL fails to hold the support level at 172 USD, it may accelerate downward, key focus on the following technical support points:
170 USD: First important support level
162 USD: Previous platform support, if broken, may trigger technical selling pressure
150 USD: Strong support area below, if broken, may confirm a weakening of the short-term trend
Technical indicators signal weak, but not bearish
MACD (1-hour chart): Although still in the bullish zone, momentum has clearly weakened
RSI (Relative Strength Index): has fallen below 50, indicating the market is leaning towards consolidation or correction in the short term
Summary: Short-term focus on the gain or loss of 172 USD for SOL, breaking 185 USD may start a new round of market movement
Currently, SOL is at a key technical node, if it can hold 172 USD and break through the 185 USD resistance, it may officially start a mid-term upward trend.
On the contrary, if it falls below the 170 USD to 162 USD range, beware of short-term pullback risks.