$SOL Price Remains In Uptrend - NewsBTC Analytics

Solana price remained in a positive zone above $145 and extended its increase above $150. SOL is forming a base and eyeing more upsides, whereas Bitcoin and Ethereum are correcting gains.

There was a move above the $158 level. The price surpassed the 50% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low. There is also a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair.

Solana is now trading above the $158 level and the 100-hourly simple moving average. On the upside, the price might face resistance near the $162.50 level. It is close to the 76.4% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low.

The next major resistance is near the $165 level. A successful close above the $165 resistance could set the pace for another steady increase. The next key resistance is near $172. Any more gains might send the price toward the $180 level.

If SOL fails to rise above the $162.50 resistance, it could start a downside correction. Initial support on the downside is near the $160 level. The first major support is near the $158 level and the trend line.

A break below the $158 level might send the price toward $155. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.