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The market is mostly neutral after a few days of growth, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has risen by 0.28% over the last 24 hours.
On the hourly chart, the price of SOL is going down after setting a local resistance of $203.99. If the decline continues and the bar closes near the support, one can expect a dump to the $195 mark.
On the longer time frame, the rate of SOL is far from key levels. Thus, the volume is low, which means none of the sides is ready to seize the initiative.
In this case, sideways trading in the range of $195-$205 is the most likely scenario.
From the midterm point of view, neither buyers nor sellers are dominating. Respectively, one should focus on the weekly candle's closure in terms of the $200 zone. If the price fixes above it, traders may witness growth to the $210-$220 area.
SOL is trading at $200.22 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team