Solana Price (SOL) Targets New Monthly High: Bulls in Control

Solana started a fresh increase from the $165 zone. SOL price is showing signs of strength and might climb further above the $182.50 resistance.

• SOL price started a decent upward move from the $165 support against the US Dollar.
• The price is now trading near $175 and the 100-hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could aim for more upsides if it clears the $182.50 resistance level.

Solana price started a downside correction from $152.50 like Bitcoin and Ethereum. It traded below the $175 and $172 support levels. There was a drop below the $170 level.

Finally, it tested the $165 support. A low is formed at $165.12 and the price is again rising. There was a break above the $170 and $172 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $182.51 swing high to the $165.12 low.

Besides, there was a break above a connecting bearish trend line with resistance at $170 on the hourly chart of the SOL/USD pair. Solana is now trading near the $175 level. It seems to be struggling near the 61.8% Fib retracement level of the downward move from the $182.51 swing high to the $165.12 low.

On the upside, the price is facing resistance near the $175 level. The next major resistance is near the $182.50 level. A successful close above the $182.50 resistance could set the pace for another steady increase. The next key resistance is near $192. Any more gains might send the price toward the $200 level.

If SOL fails to rise above the $182.50 resistance, it could start another decline. Initial support on the downside is near the $172 level. The first major support is near the $170 level.

A break below the $170 level might send the price toward $165. If there is a close below the $165 support, the price could decline toward the $155 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 – $172 and $170.

Major Resistance Levels – $175 and $182.50.