Solana struggled to clear the $172 resistance zone. SOL value is correcting features and may quickly take a look at the $162 assist zone.
SOL value is correcting features from the $172 resistance zone towards the US Greenback.
The value is now buying and selling above $162 and the 100-hourly easy transferring common.
There was a break beneath a connecting bullish pattern line with assist at $166 on the hourly chart of the SOL/USD pair (information supply from Kraken).
The pair may revisit the $162 assist zone earlier than the bulls take a stand.
Solana Value Eyes Retest of Assist
Solana value climbed above the $150 and $155 ranges. SOL gained tempo after there was an in depth above the $162 resistance stage. Nonetheless, the bears have been lively close to the $172 zone.
The value began a draw back correction from the $171 excessive like Bitcoin and Ethereum. There was a transfer beneath the $168 stage. The value declined beneath the 50% Fib retracement stage of the upward transfer from the $161.23 swing low to the $171.00 excessive.
Apart from, there was a break beneath a connecting bullish pattern line with assist at $166 on the hourly chart of the SOL/USD pair. Solana is now buying and selling above $162 and the 100-hourly easy transferring common.
On the upside, the value is going through resistance close to the $168 stage. The subsequent main resistance is close to the $170 stage. The primary resistance may very well be $172. A profitable shut above the $170 and $172 resistance ranges may set the tempo for an additional regular enhance. The subsequent key resistance is $180. Any extra features may ship the value towards the $188 stage.
Extra Losses in SOL?
If SOL fails to rise above the $170 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $164 stage or the 76.4% Fib retracement stage of the upward transfer from the $161.23 swing low to the $171.00 excessive.
The primary main assist is close to the $162 stage. A break beneath the $162 stage may ship the value towards the $155 zone. If there’s a shut beneath the $155 assist, the value may decline towards the $150 assist within the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.
Hourly Hours RSI (Relative Power Index) – The RSI for SOL/USD is beneath the 50 stage.
Main Assist Ranges – $164 and $162.
Main Resistance Ranges – $168 and $172.
