Will the rally spark a Solana (SOL) rebound?
Around $160, Solana got support. SOL is gently climbing and may gather pace if it breaks $172 barrier.
SOL price fell and touched $160 vs the US Dollar.
The price is over $165 and the 100-hourly SMA.
SOL/USD broke above a negative trend line with resistance at $164 on the hourly chart.
If it stays over $165, the pair might break $172 barrier.
Solana Price May Rise
After forming a support base at $160, solana price began to rebound. SOL broke $165 barrier while underperforming Bitcoin and Ethereum.
SOL/USD broke above a negative trend line with resistance at $164 on the hourly chart. There was even a burst over $170, the 50% Fib retracement mark of the decline from the $181 swing high to the $160 low.
Solana price is above $165 and the 100-hour SMA. Resistance near $170 is immediate. Near $171 is the next significant resistance. A closing above $172 might trigger another significant rise.
At $176, the 76.4% Fib retracement level of the decline from the $181 swing high to the $160 low, resistance is next. More advances might push the price toward $180.
Does SOL Support Dips?
SOL might fall again if it fails to break $172 barrier. The downside has first support at $167.
The price might test $160 below $165, the first significant support. If the price closes below $160, it may fall toward $150.
Tech Indicators
Hourly MACD - SOL/USD MACD is falling in the positive zone.
Hourly RSI – RSI for SOL/USD is below 50.
Major Support Levels: $165, $160.
Key Resistance Levels: $170, $172, $180.
