Solana (SOL) has been holding on to its gains above the $150 resistance zone, showing signs of consolidation and potential for a fresh increase above the $162 resistance level. The recent price action has seen SOL making a strong move above the $155 mark against the US Dollar, with the price currently hovering around $155 and the 100-hourly simple moving average.
A key rising channel has been forming with support at $155 on the hourly chart of the SOL/USD pair, according to data from Kraken. This indicates that there is a bullish momentum building up, and the pair could potentially see another uptick if it manages to stay above the $155 support zone.
After reaching a high of $162, SOL experienced a slight pullback, dropping below $160 and $158 levels. However, buyers stepped in at the $155 support level, preventing further downside movement. The price is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the $162 high to the $155 low.
In terms of resistance levels, SOL faces immediate hurdles near $158 and $160, with the main resistance sitting at $162. A successful close above these levels could pave the way for a sustained upward movement, with the next major resistance at $175 and a potential push towards $180.
On the flip side, if SOL fails to break above the $158 resistance, it might see another round of downside pressure. Initial support is seen at $155, followed by a more significant support level at $154. A breach below $154 could lead to a drop towards $149, and a further breakdown might see SOL heading towards the $142 support zone.
Technical indicators suggest a mixed outlook, with the hourly MACD showing a loss of bullish momentum and the RSI below the 50 level. Key support levels to watch include $155 and $149, while resistance levels are pegged at $158 and $162.
Overall, Solana’s price action remains on an upward trajectory, with the potential for further gains if it can break above key resistance levels. However, downside risks persist, and a failure to hold above crucial support levels could lead to a deeper retracement.