Solana (SOL) Price Prediction for May 23

Price Analysis
Thu, 05/23/2024 - 15:36
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The prices of most of the coins keep going down, according to CoinMarketCap.

Top coins by CoinMarketCap


The price of Solana (SOL) has declined by 5.22% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of SOL is looking bearish as it is trading near the local support of $171.24. 

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If the situation does not change by the end of the day, the breakout may lead to a further drop to the $165 zone.

Image by TradingView

On the bigger time frame, there are no reversal signals yet. If buyers lose the $170 area, there is a chance to see a test of $160-$165 by the end of the week.

Image by TradingView

From the midterm point of view, the weekly bar is about to close far from its peak, which is a bearish signal. If that happens, traders may expect a test of the nearest support level of $160 soon.

SOL is trading at $171.26 at press time.