Solana Surges 10% to $175, Faces Resistance at $180

Solana (SOL) has initiated a new upward trend, surpassing the $175 mark. The cryptocurrency is currently experiencing a correction in gains, with potential support found near the $172 level. This recent surge in SOL's price follows a broader trend seen in other major cryptocurrencies like Bitcoin and Ethereum, which have also shown significant gains.

Solana's price has been on a steady climb, breaking through key resistance levels at $160 and $165. However, the upward momentum faced resistance below the $185 mark, leading to a slight correction. The price dipped below $180 and $178, but bullish sentiment remains strong above the $172 level. This support is further reinforced by the 61.8% Fibonacci retracement level of the upward move from the $166 swing low to the $185 high.

Currently, Solana is trading near $175 and the 100-hourly simple moving average. A short-term declining channel or a bullish flag pattern is forming with support at $172 on the hourly chart of the SOL/USD pair. This pattern suggests that if SOL can clear the $180 resistance zone, it could resume its upward trajectory. The next major resistance levels are at $185 and $192, with potential for further gains toward the $200 mark if these levels are successfully breached.

On the downside, if SOL fails to rise above the $180 resistance, it could face another decline. Initial support is near the $172 zone, with the first major support at $170. A break below $170 could send the price toward the $162 zone, and if the $162 support is breached, the price could decline toward the $150 support in the near term.

Technical indicators suggest that the MACD for SOL/USD is losing momentum in the bullish zone, while the RSI for SOL/USD is below the 50 level. These indicators point to a potential correction in the short term, but the overall trend remains bullish. Major support levels are at $172 and $170, while major resistance levels are at $180 and $185. The next key resistance is at $192, with potential for further gains toward the $200 level if these levels are successfully breached.