Solana Price Surges 5% Above $168, Eyes $172 Resistance

Solana (SOL) has initiated a fresh upward trend from the $160 zone, with the price currently consolidating gains and potentially aiming for further increases above the $172 zone. The cryptocurrency has shown resilience, trading above $168 and the 100-hourly simple moving average. This upward movement has been supported by a break above a connecting bearish trend line with resistance at $167 on the hourly chart of the SOL/USD pair.

Solana's price recovery above $165 has been notable, forming a base above the $160 support level. This increase has been accompanied by gains in other major cryptocurrencies like Bitcoin and Ethereum. The price has surged past the $162 and $165 resistance levels, with a clear move above the 50% Fib retracement level of the downward move from the $177 swing high to the $160 low.

However, bears have been active near the $172 resistance zone, with the 76.4% Fib retracement level of the downward move from the $177 swing high to the $160 low acting as a significant resistance. Despite this, Solana is currently trading above $168 and the 100-hourly simple moving average. On the upside, the price faces resistance near the $172 level, with the next major resistance near the $176 level. The main resistance is at $180, and a successful close above this zone could set the pace for another steady increase, with the next key resistance at $192. Any further gains might push the price toward the $200 level.

If Solana fails to rise above the $172 resistance, it could start another decline. Initial support on the downside is near the $168 zone, with the first major support near the $165 level. A break below the $165 level might send the price toward the $162 zone. If there is a close below the $162 support, the price could decline toward the $150 support in the near term.

Technical indicators suggest that the MACD for SOL/USD is losing pace in the bullish zone, while the RSI for SOL/USD is above the 50 level. Major support levels are at $165 and $162, with major resistance levels at $172 and $176. Traders are closely watching for directional cues as Solana holds ground in a tight range, awaiting further signals to determine the next move.