Solana

Bitcoin

Resistance

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. 
<ul> 
 <li>SOL price started a decent upward move from the $165 support against the US Dollar.</li> 
 <li>The price is now trading near $175 and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could aim for more upsides if it clears the $182.50 resistance level.</li> 
</ul> 
<h2 id="solana-price-remains-in-positive-zone-above-165">Solana Price Remains In Positive Zone Above $165</h2> 
Solana price started a downside correction from $152.50 like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-recovery-3350/" target="_blank" rel="noopener ">Ethereum</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631668 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461" alt="Solana Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Solana_1ba3fc.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="are-dips-limited-in-sol">Are Dips Limited in SOL?</h2> 
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.

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

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