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Solana (SOL) Price Prediction for July 7

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Sun, 7/07/2024 - 17:46
Solana (SOL) Price Prediction for July 7
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Bulls have failed to seize the initiative on the last day of the week, according to CoinMarketCap.

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Top coins by CoinMarketCap

SOL/USD

The price of Solana (SOL) has dropped by 2% over the last 24 hours.

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Image by TradingView

On the hourly chart, the rate of SOL has broken the local support level of $138.06. While the price is below that mark, sellers remain more powerful than buyers. In this case, the correction may continue to the $134 zone.

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Image by TradingView

On the bigger time frame, bears could not maintain the growth after yesterday's bullish bar closure. If the candle closes around the current prices, there is a chance of an ongoing decline to the $120 area the upcoming week.

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Image by TradingView

From the midterm point of view, the situation is less bearish. The rate of SOL is far from the key levels, which means neither side is dominating.

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Respectively, sideways trading in the wide range of $120-$150 is the more likely scenario.

SOL is trading at $136 at press time.

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