Solana, a prominent cryptocurrency, is maintaining its momentum above the pivotal $150 resistance threshold. The current SOL price indicates a consolidation phase, with potential to breach the $162 resistance in the near future.
In recent trading, SOL experienced an upward movement surpassing the $155 mark against the US Dollar. The cryptocurrency is now hovering around $155, aligning closely with the 100-hourly simple moving average. Notably, a crucial rising channel with support at $155 is emerging on the hourly chart for the SOL/USD pair.
This stabilization around the $155 support may lay the groundwork for another surge.
The price of Solana saw an extended rise above the $155 resistance, in line with the movements of Bitcoin and Ethereum. SOL reached as high as $162 before facing bearish pressure leading to a downside correction. The subsequent drop saw prices slip below $160 and $158. However, the bulls displayed resilience near the $155 support level, stabilizing the price at this point. Currently, SOL is consolidating its losses below the 23.6% Fibonacci retracement level from the recent fall from a $162 high to a $155 low.
Solana is now trading near $155, supported by the 100-hourly simple moving average, along with a key rising channel on the hourly SOL/USD chart. On the upside, resistance is encountered at the $158 mark, followed closely by significant resistance at $160. This level aligns with the 76.4% Fibonacci retracement from the recent decline. The principal resistance stands at $162.
A successful breakthrough above the $160 and $162 resistance levels could pave the way for a continuous increase, with subsequent resistance anticipated around $175. Further gains could propel the price towards the $180 bracket.
Conversely, should SOL fail to surpass the $158 resistance, it might trigger another decline. Initial support to the downside is located around $155, with the first major support level at $154. A breakdown below $154 may drive the price towards the $149 zone. Should a close below $149 occur, tighter pressure could push the price down towards $142 in the short term.
Technical indicators highlight a waning MACD in the bullish zone for SOL/USD. The hourly RSI (Relative Strength Index) is currently below the 50 mark, signifying possible downward momentum.
Key support levels are identified at $155 and $149, while major resistance levels stand at $158 and $162.
