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Solana (SOL) Turns Positive Amid Market Calm — Does the Trend Have Legs?

Solana began a restoration wave above the $162 pivot zone. SOL value is now consolidating and faces hurdles close to the $172 zone.

  • SOL value began an honest upward transfer above $160 and $162 towards the US Dollar.
  • The value is now buying and selling above $162 and the 100-hourly easy transferring common.
  • There was a break above a contracting triangle with resistance at $162 on the hourly chart of the SOL/USD pair (information supply from Kraken).
  • The value might proceed to maneuver up if it clears $168 and $172.

Solana Price Starts Recovery

Solana value prolonged losses under $150 earlier than the bulls appeared, like Bitcoin and Ethereum. SOL examined the $145 zone and just lately began a restoration wave.

There was a transfer above the $155 and $162 resistance ranges. Besides, there was a break above a contracting triangle with resistance at $162 on the hourly chart of the SOL/USD pair. The pair even spiked above the 50% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low.

Solana is now buying and selling above $162 and the 100-hourly easy transferring common. On the upside, fast resistance is close to the $168 stage. The subsequent main resistance is close to the $172 stage or the 61.8% Fib retracement stage of the downward transfer from the $188 swing high to the $145 low.

The fundamental resistance might be $178. A profitable shut above the $178 resistance zone might set the tempo for one more regular improve. The subsequent key resistance is $185. Any extra positive aspects may ship the value towards the $196 stage.

Another Decline In SOL?

If SOL fails to rise above the $172 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $162 zone. The first main help is close to the $160 stage.

A break under the $160 stage may ship the value towards the $155 help zone. If there’s a shut under the $155 help, the value might decline towards the $150 zone in the close to time period.

Technical Indicators

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

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

Major Support Levels – $155 and $150.

Major Resistance Levels – $168 and $172.

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