Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge?

Solana
found
support
near
the
$160
zone.
SOL
price
is
slowly
rising
and
might
gain
bullish
momentum
if
it
clears
the
$172
resistance
zone.

• SOL
  price
  corrected
  lower
  and
  tested
  the
  $160
  support
  zone
  against
  the
  US
  Dollar.
• The
  price
  is
  now
  trading
  above
  $165
  and
  the
  100-hourly
  simple
  moving
  average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  at
  $164
  on
  the
  hourly
  chart
  of
  the
  SOL/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  clear
  the
  $172
  resistance
  unless
  it
  fails
  to
  stay
  above
  $165.

Solana
Price
Could
Gain
Momentum

Solana
price
formed
a
support
base
near
the
$160
level
and
started
a
recovery
wave.
SOL
underperformed

Bitcoin
and

Ethereum
but
managed
to
clear
the
$165
resistance.

There
was
a
break
above
a
key
bearish
trend
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
level
of
the
downward
move
from
the
$181
swing
high
to
the
$160
low.

Solana
price
is
now
trading
above
$165
and
the
100-hourly
simple
moving
average.
Immediate
resistance
is
near
the
$170
level.
The
next
major
resistance
is
near
the
$171
level.
A
successful
close
above
the
$172
resistance
could
set
the
pace
for
another
major
increase.

The
next
key
resistance
is
near
$176
or
the
76.4%
Fib
retracement
level
of
the
downward
move
from
the
$181
swing
high
to
the
$160
low.
Any
more
gains
might
send
the
price
toward
the
$180
level.

Are
Dips
Supported
in
SOL?

If
SOL
fails
to
rally
above
the
$172
resistance,
it
could
start
another
decline.
Initial
support
on
the
downside
is
near
the
$167
level.

The
first
major
support
is
near
the
$165
level,
below
which
the
price
could
test
$160.
If
there
is
a
close
below
the
$160
support,
the
price
could
decline
toward
the
$150
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
–
$165,
and
$160.

Major
Resistance
Levels
–
$170,
$172,
and
$180.