Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

Aayush Jindal

8 months ago

2 mins read

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Solana is holding gains above the $150 resistance zone. SOL price is consolidating and might aim for a fresh increase above the $162 resistance zone.

SOL price started a fresh increase above the $155 zone against the US Dollar.
The price is now trading near $155 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $155 support zone.

Solana Price Regains Traction

Solana price extended its increase above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears appeared. A high was formed at $162 and the price started a downside correction.

There was a move below the $160 and $158 levels. However, the bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $162 swing high to the $155 low.

Solana is now trading near $155 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The main resistance could be $162.

Solana Price — Source: SOLUSD on TradingView.com

A successful close above the $160 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.

More Downsides in SOL?

If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $155 level. The first major support is near the $154 level.

A break below the $154 level might send the price toward the $149 zone. If there is a close below the $149 support, the price could decline toward the $142 support in the near term.

Technical Indicators

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

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

Major Support Levels – $155 and $149.

Major Resistance Levels – $158 and $162.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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