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Bulls are trying to hold the gained initiative, according to CoinStats.
SOL/USD
The price of Solana (SOL) has risen by 2.08% since yesterday.
On the hourly chart, the rate of SOL is on its way to testing the local resistance level of $159.33. If the bar closes near it, the accumulated energy might be enough for a breakout, followed by a move to the $160 zone and above.
On the bigger time frame, traders should focus on the daily bar closure in terms of the $156 level. If it happens above it and with no long wick, the upward move is likely to continue to the $160-$165 area.
Such a scenario is relevant until the end of the week.
From the midterm point of view, it is too early to make any far predictions as only a few days remain until the candle closes. However, if it happens above the previous bar peak ($156), buyers may seize the initiative, which can lead to a test of the $170 range.
SOL is trading at $157.24 at press time.
Alex Dovbnya
Valeria Blokhina
