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Bulls are not ready yet to seize the initiative, and most of the coins keep trading in the green zone, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has declined by 1.46% over the last 24 hours.
On the hourly chart, the price of SOL is looking bearish as the rate has not bounced back far from the support at $83.69. If bulls cannot seize the initiative, one can expect a level breakout, followed by an ongoing decline to the $83 mark.
On the longer time frame, the rate of SOL is also going down after a failed attempt to fix above the $90 area.
If the daily bar closes around the current prices or below, traders may witness a test of the $80 range over the next few days.
From the midterm point of view, there are no reversal signals yet. The rate of SOL is in the middle of the channel, which means traders are unlikely to see increased volatility soon.
SOL is trading at $83.82 at press time.
Gamza Khanzadaev
Denys Serhiichuk
Tomiwabold Olajide
Caroline Amosun