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A correction might have started on the cryptocurrency market, according to CoinStats.
BNB/USD
The price of Binance Coin (BNB) has declined by 0.50% since yesterday.
On the daily chart, the rate of BNB is in the middle of the channel. At the moment, traders should pay attention to the nearest support level. If the price comes back to the $238 mark, there is a chance to see a breakout, followed by a further drop to $230.
BNB is trading at $244.9 at press time.
ADA/USD
Cardano (ADA) has followed the drop of other coins, going down by 0.36%.
The rate of ADA is neither bullish nor bearish as the price is far from the support or resistance levels. As none of the sides has seized the initiative yet, sideways trading in the range of $0.34-$0.36 is the more likely scenario until the end of the week.
ADA is trading at $0.3621 at press time.
SOL/USD
Solana (SOL) is the exception to the rule as its rate keeps rising by 0.59%.
From the technical point of view, the rate of SOL remains bullish as the price is above the vital zone of $50. However, the price might need some time to accumulate energy for a further sharp move.
In this regard, consolidation in the area of $50-$55 is the more likely scenario for the next days.
SOL is trading at $55.83 at press time.
Tomiwabold Olajide
Gamza Khanzadaev
