Solana Price Prediction: SOL Pullback After Breaking $160, $155 Could Be Key Support Level

Solana price pump followed by pullback

After successfully breaking through the $160 resistance level, the price of Solana (SOL) experienced a significant pump, consistent with the overall trends of Bitcoin and Ethereum. SOL briefly surpassed $162, entering a short-term bullish range.

However, in the $168 to $169 range, the price encountered strong resistance, with the current high point forming at $168.60, after which the price began to pull back some of the rise.

From a technical perspective, the SOL price has broken below the 50% Fibonacci pullback level of the rise from a low of 158 USD to a high of 168 USD, and has also broken below the key ascending trend line at 162 USD on the hourly chart.

The current SOL price is trading below $162 and is also below the 100-hour simple moving average, having also broken below the 76.4% Fibonacci retracement level, indicating signs of a short-term pullback.

Support and Resistance Analysis: Focus on the key levels of $155 and $168

The current SOL price is gradually approaching the $158 support level. If there is further decline, the first major support level will be around $155. If this support is lost, the price could drop to the $150 area, and may even slide further down to $145.

On the contrary, if SOL stabilizes and rebounds upwards, the short-term resistance will be at 160 USD, followed by 162 USD. Once it effectively breaks through the main resistance area at 168 USD, the price is expected to further rise and test 178 USD, and even challenge 185 USD.

Technical Indicators Observation: Bears Have Slight Upper Hand

MACD Indicator (Hourly Level): SOL/USD MACD is in the bearish zone, and bearish momentum is strengthening.

RSI Relative Strength Index (Hourly Chart): The current RSI is below 50, indicating slight selling pressure.

As of July 15, at the time of writing, Gate.io shows that SOL is currently priced at 159.17 USD, down 4.22% in the last 24 hours.