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The market is mainly in the red zone today, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has declined by almost 2% over the last 24 hours.
On the hourly chart, the price of SOL has set a local resistance of $161.14. However, if the daily bar closes around that mark or above it, growth may continue to the $165 area until tomorrow.
On the longer time frame, the situation is less bullish. The rate of SOL is far from the key level, which means none of the sides is ready for a sharp move.
Thus, the volume is low, confirming the absence of buyers and sellers' energy. All in all, sideways trading in the range of $155-$165 is the most likely scenario.
From the midterm point of view, the picture is bearish. If the weekly bar breaks the $147 support, the accumulated energy might be enough for a test of the $130-$140 area.
SOL is trading at $158.32 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team