Solana (SOL) moves to support: Bulls ready to defend?

Solana confined gains and was trading below the $175 support zone. SOL price is currently approaching the support level of $165 and may rebound in the near future.

SOL price started a up-to-date decline after struggling near the $185 zone against the US dollar.
The price is currently below $172 and the 100-hour plain moving average.
A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $172 (data source from Kraken).
The pair could start a decent move higher if it holds above the $165 and $162 support levels.

Solana price maintains support

Solana price struggled to overcome the resistance at $185 and began a up-to-date decline, similar to Bitcoin and Ethereum. There has been a decline below the support levels at $180 and $175.

The bears even pushed the price below $172 and tested the $165 support zone. The low has formed at $165 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $183 to the low of $165.

Solana is currently trading below $172 and the 100-hour plain moving average. On the other hand, the price is facing resistance near the $170 level. The next major resistance is near the $172 level. A key bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $172.

Major resistance could be at $175 or the 50% Fib retracement level for a move down from the $183 high to the $165 low. A successful close above the $175 resistance level could set the pace for further sustained growth. The next key resistance is $182. Any further gains could push the price towards the $185 level.

More losses in SOL?

If SOL does not break through the resistance at $170, it may continue to decline. Initial downside support is near the $165 level. The first major support is near the $162 level.

A break below the $162 level could push the price towards the $150 zone. If a close occurs below the $150 support, the price may drop towards the $135 support in the near future.

Technical indicators

Hourly MACD – The MACD for SOL/USD is gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Main support levels – $165 and $162.

Major resistance levels – $170 and $172.