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The market is mainly red on the last working day of the week, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has risen by almost 1% over the last 24 hours.
On the hourly chart, the price of SOL is near the local resistance of $126.18. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow. However, if bulls can hold the gained initiative, traders can expect a test of the $130 zone soon.
On the longer time frame, the rate of SOL is far from key levels. Even if the candle closes around the current prices or above them, buyers might need more time to accumulate energy for a further move.
In this case, sideways trading in the zone of $120-$128 is the most likely scenario.
From the midterm point of view, the situation is similar. The volume is going down, which means neither buyers nor sellers are ready ro seize the initiative. All in all, traders are unlikely to see increased volatility soon.
SOL is trading at $126 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team