Will the Rally Ignite a Surge?

Solana discovered help close to the $160 zone. SOL worth is slowly rising and would possibly achieve bullish momentum if it clears the $172 resistance zone.

• SOL worth corrected decrease and examined the $160 help zone towards the US Greenback.
• The value is now buying and selling above $165 and the 100-hourly easy transferring common.
• There was a break above a key bearish pattern line with resistance at $164 on the hourly chart of the SOL/USD pair (information supply from Kraken).
• The pair may clear the $172 resistance until it fails to remain above $165.

Solana Worth Might Achieve Momentum

Solana worth shaped a help base close to the $160 stage and began a restoration wave. SOL underperformed Bitcoin and Ethereum however managed to clear the $165 resistance.

There was a break above a key bearish pattern line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fib retracement stage of the downward transfer from the $181 swing excessive to the $160 low.

Solana worth is now buying and selling above $165 and the 100-hourly easy transferring common. Speedy resistance is close to the $170 stage. The following main resistance is close to the $171 stage. A profitable shut above the $172 resistance may set the tempo for one more main enhance.

The following key resistance is close to $176 or the 76.4% Fib retracement stage of the downward transfer from the $181 swing excessive to the $160 low. Any extra beneficial properties would possibly ship the worth towards the $180 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $172 resistance, it may begin one other decline. Preliminary help on the draw back is close to the $167 stage.

The primary main help is close to the $165 stage, beneath which the worth may check $160. If there’s a shut beneath the $160 help, the worth may decline towards the $150 help within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is shedding tempo within the bullish zone.

Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.

Main Assist Ranges – $165, and $160.

Main Resistance Ranges – $170, $172, and $180.