SOL/USDT on 4-hour chart - 3 jan 22

SOL/USDT 4-hour chart:
Solana price would face resistance at the 61.8% Fibonacci retracement level at nearly $175 and the 78.6% Fibonacci retracement level at $220 before the bulls attempt to reach the bullish target.
but, if a spike in sell orders occurs, Solana price will discover immediate support at the lower boundary of the governing technical pattern at $170. Breaking below the aforementioned line of defense will invalidate the bullish thesis, and SOL could continue to slide further toward the January 1 low at $167, then toward the October 6 high at $161.