Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market is red in the middle of the week, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has declined by 2.26% over the last 24 hours.
On the hourly chart, the price of SOL has made a false breakout of the local support of $121.14. If the daily bar closes far from that mark, one can expect a test of the $124 area soon.
On the longer time frame, there are no reversal signals yet. If sellers' pressure continues and the candle closes around $120, the accumulated energy might be enough for an ongoing correction to the nearest level of $116.88.
From the midterm point of view, bears remain more powerful than bulls.
If the weekly bar closes around the current prices or below them, traders may see a test of the $100-$110 area by the end of the month.
SOL is trading at $122.16 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team