SOLANA Technical Analysis 📊📈
As of now, the SOL traded at the $180 level A key uptrendline is evident on the hourly chart of the SOL/USD pair with the $175 support. However, if the pair cannot be permanent above $175, it could push the chance to overcome the $188 resistance.
This uptrend in Solana's price began after the formation of a support base around $166. SOL managed to move above the resistance levels of $175 and 180 by switching to a positive zone following the rise of other major cryptocurrencies such as Bitcoin and Ethereum. He tested the highest level, the $188 resistance.
In the current situation, there is a support close to the SOL's $182 level. However, in the event of a bigger correction, the initial target is close to the $178 level and the trend line. A close below this level could pull the price towards the $175 level in the near term and even decline to the $166 support.
When the technical indicators are examined, we see that the hourly MACD has gained momentum in the bullish zone for SOL/USD. In addition, the hourly RSI (Relative Strength Index) is above the 50 level for SOL/USD. This level shows that the SOL is relatively strong in the current situation.
However, it is also necessary to consider the possible support and resistance levels that the SOL may encounter. Among the main support levels, $158 and $152 stand out. Resistance levels are set at $165, $172 and $180.