Solana (SOL) Grinds Upward as Broader Market Stabilizes — Is a Breakout Brewing?

Solana started a decent upward move above the $165 zone. SOL price is now consolidating and faces hurdles near the $172 zone.

• SOL price started a decent upward move above $162 and $165 against the US Dollar.
• The price is now trading above $165 and the 100-hourly simple moving average.
• There is a rising channel forming with resistance at $175 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $172 and $175.

Solana Price Eyes Upside Break

Solana price remained stable and started a decent recovery wave above $155, like Bitcoin and Ethereum. SOL was able to climb above the $162 pivot level.

There was a move above the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. However, the bears are now active near the $172 resistance zone. There is also a rising channel forming with resistance at $175 on the hourly chart of the SOL/USD pair.

Solana is now trading above $162 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $172 level and the 61.8% Fib retracement level of the downward move from the $188 swing high to the $145 low.

The next major resistance is near the $175 level. The main resistance could be $188. A successful close above the $188 resistance zone could set the pace for another steady increase. The next key resistance is $202. Any more gains might send the price toward the $220 level.

Another Decline In SOL?

If SOL fails to rise above the $172 resistance, it could continue to move down. Initial support on the downside is near the $165 zone. The first major support is near the $162 level.

A break below the $162 level might send the price toward the $155 support zone. If there is a close below the $155 support, the price could decline toward the $150 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $165 and $162.

Major Resistance Levels – $172 and $175.