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The market is back to red again, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 1.11% over the last 24 hours.
On the hourly chart, the rate of SOL is looking bearish as it is approaching the local support of $205.56. If its breakout occurs, the accumulated energy might be enough for a move to the $204 zone.
On the longer time frame, bulls have failed to maintain the upward move after yesterday's bullish bar's closure.
If the daily candle closes around the current price or below it, the decline is likely to continue to the $200 area shortly.
From the midterm point of view, traders should pay attention to the weekly bar's closure in terms of the $194.19 level. If it settles around that level, the accumulated energy might be enough for a further decline to the $180-$200 range.
SOL is trading at $206.70 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team