$SOL
Solana (SOL) is poised to break through key resistance and trigger a new rally
Solana (SOL) has recently experienced a wave of decline and tested the $160 support level. Currently, SOL is consolidating in this area and a successful breakout of the $166 resistance level could trigger a new round of gains.
In the recent market volatility, the SOL price once fell and touched $160. Currently, the price is still below $168 and the 100 hourly simple moving average (SMA). On the hourly SOL/USD chart, a negative trend line connects the $165 resistance level.
Solana Price Trend Analysis
Although similar to Bitcoin and Ethereum, Solana has shown a negative trend in the short term, it has shown a steady consolidation trend after testing the $160 support level. The decline from the $170 high to the $161.50 low exceeded the 23.6% Fibonacci retracement level. Currently, Solana has fallen below $166 and the 100 hourly SMA, but the resistance near $165 remains the key level that it needs to break.
Upside Potential
If SOL can stay above $160 and successfully break the $166 resistance, it may trigger another sharp rise. The 61.8% Fibonacci retracement level from the $170 swing high to the $161.50 low is located at $168, which will be the next important target for the price of SOL to rise. If this level is reached, more gains may push the price towards $172.
Downside Risks
However, if SOL fails to successfully break the $166 resistance, it may face downward pressure again. On the downside, the first support level is located at $162. If it falls below this level, the next key support level will be $160. If the price falls further and breaks below $160, it may touch $155 and may even fall further to $150.
Technical Indicators
Hourly MACD: The MACD for SOL/USD is moving towards the negative zone, showing a bearish signal in the short term. Hourly RSI: The RSI for SOL/USD is below 50, further confirming the current market weakness.
Key Positions
Major Support Levels: $162, $160 Key Resistance Levels: $166, $168, $172