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A new week has started with ongoing cryptocurrency market growth, according to CoinMarketCap.
SOL/USD
Solana (SOL) is one of the biggest gainers today, rising by 3.26%.
On the hourly chart, the rate of SOL is near the local resistance of $152.90. If bulls' pressure continues, one can expect a level breakout, followed by a test of the $155 mark. Such a scenario is relevant until tomorrow.
On the longer time frame, none of the sides has seized the initiative yet, as the rate of SOL is far from the support and resistance levels.
In this regard, ongoing sideways trading around current prices is the most likely scenario over the next few days.
From the midterm point of view, the picture is similar. Buyers may start thinking about a further upward move only if a breakout of the nearest resistance of $163.64 happens. Until that happens, there is still a chance for a correction.
SOL is trading at $152.51 at press time.
Vladislav Sopov
U.Today Editorial Team