Solana Price Rises Above $172

Solana started a fresh increase from the $165 zone. SOL price is now gaining pace and might aim for more gains above the $180 zone.

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The article mentions Solana price forming a base above the $165 support and starting a fresh increase.

Solana Price Rises Above $172

Solana price formed a base above the 165 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the 170 and 172 resistance levels.

The bulls even pushed the price above the 175 level. A high was formed at 177.50 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the 165 swing low to the 177.50 high.

Solana is now trading above 172 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at 170 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the 178 level. The next major resistance is near the 180 level. The main resistance could be 185. A successful close above the 185 resistance zone could set the pace for another steady increase. The next key resistance is 192. Any more gains might send the price toward the 200 level.

Another Decline in SOL?

If SOL fails to rise above the 180 resistance, it could start another decline. Initial support on the downside is near the 174.50 zone. The first major support is near the 172 level or the 50% Fib retracement level of the recent wave from the 165 swing low to the 177.50 high.

A break below the 172 level might send the price toward the 170 zone and the trend line. If there is a close below the 170 support, the price could decline toward the 162 support in the near term.

Technical Indicators

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

Hourly /41438Relative Strength Index (RSI) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – 172 and 170.

Major Resistance Levels – 178 and 180.