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The decline continues on the cryptocurrency market, according to CoinMarketCap.
SOL/USD
Solana (SOL) is one of the biggest losers today, falling by 12.45%.
On the hourly chart, the rate of SOL keeps looking bearish as the price is coming back to the local support level of $170. If the situation does not change until the end of the day, there is a chance to see a breakout, followed by a move to $160.
Bears are also more powerful than bulls on the longer time frame. The rate is going down after a false breakout of the resistance of $205.20.
At the moment, there are no reversal signals yet, which means the correction may lead to the test of the $150 area by the end of the month.
A less bearish picture can be seen on the daily chart against BTC. However, the price is far from the 0.003 zone, which means that bulls have not seized the initiative yet. In this case, sideways trading around 0.0029 is the more likely scenario.
SOL is trading at $177.96 at press time.
Mushumir Butt
Gamza Khanzadaev
Tomiwabold Olajide
