The price of Solana is forming a bottom pattern above the support level of $155, starting a new round of rise along with Bitcoin and Ethereum. SOL is expected to break through the resistance levels of $160 and $165 in the short term.
However, bears remain active under the resistance level of $185. After reaching a high of $184.75, the price retraced, breaking below the $180 and $178 levels, and fell below the 50% Fibonacci retracement level of the upward trend from the low of $166 to the high of $185.
Bulls are actively positioning above the 61.8% Fibonacci retracement level of the upward trend from the low of $166 to the high of $185, which is above $172. Currently, the price of Solana is close to $175 and the 100-hour moving average, with the hourly chart showing a short-term descending channel (or bullish flag) forming, and $172 serves as a support level.
On the upside, the price encounters resistance near $178, with the next key resistance level at $180, and $185 forming a major resistance area. If the price can successfully hold above the resistance level of $185, it may open up space for a new round of steady upward movement, with subsequent resistance levels looking at $192, and if the upward trend continues, it may attempt to reach $200.
Downward correction in SOL?
If SOL fails to break through the resistance level of $180, it may trigger a new round of decline. On the downside, the initial support level is near $172, with the first major support level in the $170 range.
If the price breaks below the $170 level, it may test the $162 area. Once the closing price falls below the $162 support level, it may further drop towards the $150 support level in the short term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Main support levels — $172 and $170.
Main resistance levels — $180 and $185.
