Solana (SOL) Finds Support — Rally May Be Ready to Resume 📈
Solana's price experienced an upward trend above the $175 mark, though it is currently undergoing a correction. The cryptocurrency may find support near the $172 zone as it attempts to regain momentum. After overcoming previous resistances at $160 and $165, SOL briefly reached a high near $185 but faced resistance below this level.
A bullish flag pattern appears to be forming with support at $172 on the hourly chart, and the price is nearing the 100-hourly simple moving average, sitting around $175. To continue its rally, SOL needs to break through the $180 resistance, potentially leading to further gains toward $192 and the $200 level.
However, failing to rise above $180 could result in a downside correction, with key support levels at $172, $170, and possibly $162. Technical indicators such as the hourly MACD and RSI suggest momentum is currently unfavorable, with RSI below the 50 mark.
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