Solana (SOL) might overcome key resistance and spark a new increase
Another slide saw Solana test $160 support. SOL is consolidating and may rebound if it breaks $166 resistance.
SOL price fell and touched $160 vs the US Dollar.
The price is below $168 and the 100-hour SMA.
On the hourly SOL/USD chart, a negative trend line connects to $165 barrier.
If it stays over $160, the pair might break $166 barrier.
Solana Price Wants Recover
Solana, like Bitcoin and Ethereum, was negative short-term. SOL consolidating losses after testing $160 support. It stays below $165.
A small rise over the 23.6% Fib retracement level of the slide from $170 swing high to $161.50 low occurred. Solana has fallen below $166 and the 100-hourly SMA. Resistance near $165 is immediate.
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On the hourly SOL/USD chart, a negative trend line connects to $165 barrier. Near $166 is the next significant resistance. Close over $166 barrier might trigger another large surge.
Solana Price
Source: TradingView.com SOLUSD
The 61.8% Fib retracement level of the decline from the $170 swing high to the $161.50 low is $168, the next significant barrier. More advances might push the price toward $172.
More SOL losses?
SOL might fall again if it fails to break $166 resistance. The downside has first support at $162.
First key support is at $160, below which the price might touch $155. If the stock closes below $155, it may fall toward $150.
Tech Indicators
Hourly MACD - SOL/USD MACD is falling in the negative zone.
Hourly RSI – RSI for SOL/USD is below 50.
Major Support Levels: $162, $160.
Key Resistance Levels: $166, $168, $172.
