Solana (SOL) Set for Rise — Bulls Gear Up for Rally Resurgence

Solana has initiated a new upward trend, crossing above the $162 mark. The SOL price is currently stabilizing around $175 and may continue to gain momentum past the $180 threshold.

• The SOL price began a new rally, surpassing both the $155 and $162 marks against the US Dollar.
• Currently, the price is trading under $165, as well as below the 100-hour simple moving average.
• A short-term ascending channel is being established, with support observed at $172 on the hourly chart for the SOL/USD pair.
• A potential increase could occur if it breaks through the resistance at $176.

Solana Price Stabilizes Gains

The price of Solana has established a foundation above the $150 support and initiated a new upward movement, similar to trends seen in Bitcoin and Ethereum. SOL has accelerated past the resistance levels of $155 and $162.

Nevertheless, sellers have been active below the $180 resistance level, where a peak was recorded at $180.10 before a correction occurred. The price fell beneath $175 and $172, reaching a low of $169.53. Currently, it is making another attempt to rise.

A rise above the 50% Fibonacci retracement level from the downturn between the $180 peak and the $170 low has been observed. Solana is trading above $172 and the 100-hour simple moving average, with a short-term ascending channel forming, showing support at $172 on the hourly chart for the SOL/USD pair.

On the upside, the price encounters resistance around the $176 mark, coinciding with the 61.8% Fibonacci retracement level of the drop from the $180 swing high to the $170 low. The next significant resistance appears to be near the $180 mark.

The primary resistance level could be at $185. A successful close above this zone might pave the way for a consistent upward trend, with the next key resistance being at $192. Further increases could see the price approach the $200 level.

Could There Be a Downtrend for SOL?

If SOL does not manage to break above the $176 resistance, another decline may commence. Initial support on the downside is around the $172 level, with the first major support set at $170.

A dip below the $170 level could push the price towards the $162 region. Should there be a close under the $162 support level, the price may decline further to the $150 support in the near future.

Technical Indicators

Hourly MACD – The MACD indicator for SOL/USD is trending positively within the bullish zone.

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

Key Support Levels – $172 and $170.

Key Resistance Levels – $176 and $180.