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The market keeps setting a new local low, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has fallen by 6.60% over the last 24 hours.
On the hourly chart, the price of SOL might have found a local support level of $132.90. If the daily bar closes far from it, the bounce back may continue to the $140 zone.
On the bigger time frame, there are no reversal signals yet. However, one should pay attention to the daily candle's closure.
Denys SerhiichukIf it happens far from its low, traders may expect sideways trading in the zone of $135-$145 until the end of the week.
From the midterm point of view, the price of SOL is far from the support and resistance levels. However, if the decline continues to the $120 zone, the accumulated energy might be enough for a breakout, followed by a move to the $100-$110 area.
SOL is trading at $137.27 at press time.
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya
Vladislav Sopov