The chart of SOL/USD shows that the bears were able to initiate a move to the downside from $172.5. There was a move beneath two support levels, including $175 and $172. The bears pulled SOL beneath $170 and there was a visit to the support level at $165.
SOL was able to hit levels as low as $165.12 prior to the bulls initiating a new move to the upside. SOL broke past two barrier levels, including $170 and $172. The bulls pushed SOL past the 50% Fibonacci correction level of the fall from $182.51 swing high to $165.12 low.
A look at its 1-hour chart shows that it broke past a connecting declining trend line with a barrier level at $170. Its current performance is at levels close to $175. The chart shows that it has been difficult to move higher around the 61.8% Fibonacci correction level of the fall from $182.51 swing high to $165.12 low.
SOL is encountering a barrier level close to $175 on the way upwards. The immediate key barrier level is close to $182.5. If SOL successfully closes past the barrier level at $182.5, the bulls may be able to pave the way for a steady move to the upside. The immediate key barrier level is close to $192. If there are any additional gains, they may be able to push it towards $200.
On the other hand, the failure of the bulls to push SOL clearly past the barrier level at $182.5 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $172, while the initial key support level is close to $170.
If SOL breaks beneath $170, the bears may be able to send it lower to $165. If it closes beneath the support level at $165, they may be able to pave the way for more downside moves to the support level at $155 over the coming few sessions.
