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Buyers could not seize the initiative today as the rates of the top 10 coins are going down.
SOL/USD
The price of Solana (SOL) has fallen by almost 6% over the last 24 hours.
On the hourly chart, Solana (SOL) has started the day with growth after a bounce back from the support level of $12.78. Currently, the rate has made a false breakout of the resistance at $13.54.
However, if bulls can keep the pressure on, there is a good chance of seeing the breakout tomorrow, followed by a rise to the $14 zone.
On the daily time frame, the situation is not so bullish as the rate keeps trading sideways between the support at $11.27 and the resistance at $15. If buyers want to seize the initiative, they need to move above the $14 zone.
A similar situation can be seen on the chart against Bitcoin (BTC). Bulls could not keep the rise going after the false breakout of the BTC 0.0009 mark. Until the price is below it, bears remain more powerful than buyers. Thus, the selling volume is high, which is not indicative of an upward move.
SOL is trading at $13.43 at press time.
Vladislav Sopov