Solana Started a Fresh Increase Above the $162 Zone

Solana started a fresh increase above the $162 zone. SOL price is now consolidating near $175 and might extend gains above the $180 zone.

Solana price is showing some promise of a recovery as it started a rise above the $162 zone. The main support could be the $150 level, where the price bounced earlier today.

Solana Price Consolidates Gains

Solona started a fresh increase above the $150 support and the price is now consolidating. The price is currently trading above the 50% Fib retracement level of the downward move from the $180 swing high to the $170 low. It is also above the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $172 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $176 level and the 61.8% Fib retracement level of the downward move from the $180 swing high to the $170 low. 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.