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Solana (SOL) Price Prediction for May 19

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Sun, 19/05/2024 - 18:00
Solana (SOL) Price Prediction for May 19
Cover image via U.Today

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The prices of most coins are falling again, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

The rate of Solana (SOL) has dropped by 2.52% over the last day.

Image by TradingView

The price of SOL has broken the local support level of $171.62. While it is below that mark, sellers are more powerful than buyers. In this case, one can expect an ongoing correction to the $165 zone.

Image by TradingView

On the daily chart, the rate has once again failed to fix above the $175.98 level.

Related

If buyers cannot seize the initiative by the end of the day and the bar closes near its low, there is a possibility of a test of the $160-$165 area next week.

Image by TradingView

From the midterm point of view, while the price is above $160, buyers have a chance of an upward move. However, they might need more time for SOL to accumulate energy. All in all, sideways trading between $160 and $180 is the more likely scenario until the end of the month.

SOL is trading at $169 at press time.

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