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The market might need more time to accumulate energy for a further upward move, according to CoinMarketCap.
SOL/USD
Solana (SOL) is one of the biggest losers today, going down by 2.55% over the past day.
On the hourly chart, the rate of SOL is near the support of $149.02. As most of the daily ATR has been passed, there are low chances of seeing any sharp moves by tomorrow.
On the longer time frame, traders may start thinking about ongoing growth only when the breakout of the nearest resistance of $158.80 occurs.
Until then, sideways trading in the area of $150-$155 is the most likely scenario.
From the midterm point of view, the rate of SOL has bounced off the $158.80 level. However, if bulls can seize the initiative and the weekly candle closes near the resistance, the breakout may lead to a test of the $170-$180 range.
SOL is trading at $150.12 at press time.
Vladislav Sopov
U.Today Editorial Team