Solana (SOL) is currently eyeing a strong comeback as its price has found support near the $160 zone. The price of SOL is slowly rising and there is a possibility that it might gain bullish momentum if it clears the $172 resistance zone.
The recent correction in SOL’s price led to a test of the $160 support zone against the US Dollar. However, the price is now trading above $165 and the 100-hourly simple moving average, indicating a potential shift in momentum. In fact, there was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair, which further supports the idea of a resurgence.
If SOL manages to stay above $165 and clears the $172 resistance, it could pave the way for a significant increase. The next major resistance levels to watch out for are $171 and $176, with further gains potentially pushing the price towards $180.
However, if SOL fails to rally above the $172 resistance, there is a possibility of another decline. The initial support on the downside is near $167, followed by a major support level at $165. A close below the $160 support could lead to a decline towards the $150 support in the near term.
It’s important to consider the technical indicators as well. The hourly MACD for SOL/USD is losing pace in the bullish zone, indicating a potential slowdown in momentum. The hourly RSI (Relative Strength Index) is currently below the 50 level, suggesting a slight bearish pressure.
Overall, while SOL is showing signs of a potential comeback, it is crucial to monitor its performance against the key resistance levels mentioned.