Solana has begun a new increase beyond the $162 zone. Sol Price currently consolidates nearly $175, potentially extending profits beyond the $180 zone.
Sol Price has launched a new upward move above the $155 and $162 levels against the US dollar. Prices are currently below $165 and are trading a simple 100-hour moving average. A short-term ascending channel has been formed with $172 support on the Sol/USD pair hourly chart (Kraken data source). Clearing the $176 resistance zone will likely start the pair with a new increase.
Solana Price integrates profits
Solana Price has formed a base beyond $150 support and has begun new growths like Bitcoin and Ethereum. Sol has acquired the pace for movements above the $155 and $162 resistance levels.
However, the bears were operating under the $180 resistance zone. The high was formed at $180.10, and the price corrected some profits. The price was below $175 and $172. The lows formed at $169.53, and prices are now attempting another increase.
There was a move above the 50% FIB retracement level of the downward movement from a $180 swing high to a $170 low. Solana is currently trading a simple moving average of over $172, 100 hours. It also forms a short-term ascent channel with $172 support on the Sol/USD pair hourly wage chart.
The advantage is that the price is facing resistance near the $176 level and a 61.8% FIB retracement level of downward movement from a swing high of $180 to a low of $170. The next major resistance is close to the $180 level.
The main resistance could be $185. Successfully beyond the $185 resistance zone allows you to set another steady pace of growth. The next important resistance is $192. Any further profit could potentially send the price towards the $200 level.
SOL’s defect correction?
If the SoL cannot rise above the $176 resistance, it could begin another decline. The initial support of the downside is near the $172 zone. The initial main support is close to the $170 level.
A break below the $170 level could send the price to the $162 zone. If it falls below $162 support, the price could drop towards $150 support in the short term.
Technical indicators
HOURLY MACD – SOL/USD’s MACD is paced in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – SOL/USD’s RSI is above 50 levels.
Key support levels – $172 and $170.
Major resistance levels – $176 and $180.
