Are Dips Supported in #SOL?

If SOL fails to rally above the $160 resistance, it could start a downside correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level.

The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the $150 support, the price could decline toward the $138 support in the near term.

Technical Indicators

Hourly MACD – The #MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $158, and $152.

Major Resistance Levels – $165, $172, and $180.

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