Solana (SOL) Poised for Takeoff — Bulls Prepare for Rally Reboot

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

• SOL price started a fresh upward move above the $155 and $162 levels against the US Dollar.
• The price is now trading below $165 and the 100-hourly simple moving average.
• There is a short-term rising channel forming with support at $172 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $176 resistance zone.

Solana Price Consolidates Gains

Solana price formed a base above the $150 support and started a fresh increase, like Bitcoin

and Ethereum. SOL gained pace for a move above the $155 and $162 resistance levels.

However, the bears were active below the $180 resistance zone. A high was formed at $180.10 and the price corrected some gains. The price dipped below $175 and $172. A low was formed at $169.53 and the price is now attempting another increase.

There was a move above the 50% Fib retracement level of the downward move from the $180 swing high to the $170 low. Solana is now trading above $172 and 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.

Downside Correction in SOL?

If SOL fails to rise above the $176 resistance, it could start another decline. Initial support on the downside is near the $172 zone. The first major support is near the $170 level.

A break below the $170 level might send the price toward the $162 zone. If there is a close below the $162 support, the price could decline toward the $150 support in the near term.

Technical Indicators

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

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

Major Support Levels – $172 and $170.

Major Resistance Levels – $176 and $180.