Solana prices started to increase

Solana price formed support near the $166 level and started a new increase. $SOL SOL follows the recent Bitcoin and Ethereum surge to move into positive territory.

There was a move above the $180 resistance level. The price even tested the $188 resistance level. A high was formed at $188 and the price is currently consolidating gains above the 23.6% Fib retracement level of the upward move from $166 to $188.

Solana is currently trading above $188 and the 100 SMA. There is also a key uptrend line forming with support at $175.

If SOL fails to rise above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trendline.

The 50% Fib retracement level of the move up from $166 to $188, below which the price could test $175. If the price closes below the $175 support level, it could drop to the $166 support level in the near term.