Solana Forms Contracting Triangle Pattern With $168 Resistance Level.
$SOL has mounted a recovery from the $162 support level and now trades above $165, positioning itself for a potential breakout above the critical $172 resistance zone. The cryptocurrency faces immediate resistance at $170, with technical indicators showing mixed signals as bulls attempt to maintain upward momentum.
Solana recovered from $162 support and now trades above $165 and the 100-hourly moving average. A contracting triangle pattern has formed with resistance at $168, creating a potential breakout scenario. Technical indicators show the MACD losing momentum while RSI remains above 50, suggesting cautious optimism.
The cryptocurrency has established a clear pattern following its bounce from the $162 zone. Solana cleared the $165 resistance level, entering what traders consider a short-term positive zone. The move pushed the price above the 50% Fibonacci retracement level of the decline from $172 to $162.
Bears remain active near the $170 zone. The 76.4% Fibonacci retracement level from the previous decline continues to act as resistance.
This level coincides with the formation of a contracting triangle pattern, with resistance currently positioned at $168 on hourly charts.
The 100-hourly simple moving average now provides support below current levels. Immediate resistance appears at $170, followed by the more significant $172 level. A successful break above $175 could trigger additional gains toward $182, with further upside potential reaching $192.
Solana's recovery from $162 has established a foundation for potential further gains, but the cryptocurrency must overcome key resistance levels to sustain upward momentum. Technical patterns suggest a breakout scenario is developing, though mixed indicator readings warrant caution among traders.