Solana (SOL) encountered resistance at the $172 zone, initiating a downside correction. The price is currently correcting gains from $172 against the US Dollar. It remains above $162 and the 100-hourly moving average.
A break occurred below a bullish trend line with support at $166 on the hourly SOL/USD chart. The pair may retest the $162 support before potential bullish activity resumes.
Resistance is evident near $168 and $172. Success above these could lead prices higher, possibly to $180 and $188.
Should SOL not surpass $170 resistance, there's potential decline with initial support at $164, followed by $162. A close below $155 may lead to $150 support zone.
The hourly MACD shows bearish momentum, and RSI is under 50, indicating potential further downside.
