Solana

Bitcoin

Momentum

Resistance

Solana found support near the $160 zone. SOL price is slowly rising and might gain bullish momentum if it clears the $172 resistance zone. 
<ul> 
 <li>SOL price corrected lower and tested the $160 support zone against the US Dollar.</li> 
 <li>The price is now trading above $165 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could clear the $172 resistance unless it fails to stay above $165.</li> 
</ul> 
<h2 id="solana-price-could-gain-momentum">Solana Price Could Gain Momentum</h2> 
Solana price formed a support base near the $160 level and started a recovery wave. SOL underperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-higher-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climb-4k/" target="_blank" rel="noopener ">Ethereum</a> but managed to clear the $165 resistance. 
There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fib retracement level of the downward move from the $181 swing high to the $160 low. 
Solana price is now trading above $165 and the 100-hourly simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another major increase. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610142 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449" alt="Solana (SOL) Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance is near $176 or the 76.4% Fib retracement level of the downward move from the $181 swing high to the $160 low. Any more gains might send the price toward the $180 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to rally above the $172 resistance, it could start another decline. Initial support on the downside is near the $167 level. 
The first major support is near the $165 level, below which the price could test $160. If there is a close below the $160 support, the price could decline toward the $150 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $165, and $160. 
Major Resistance Levels – $170, $172, and $180.

Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge?

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