Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The end of the week is more bearish than bullish, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has fallen by 2.50% since yesterday. Over the last week, the price has risen by 0.37%.
On the hourly chart, the price of SOL has made a false breakout of the local support of $170.36. However, the rate keeps trading near the aforementioned level.
If no bounce back happens by the end of the day, one can expect a test of the $165-$170 range.
On the bigger time frame, bears are seizing the initiative as the daily bar is about to close below yesterday's candle low. If it happens, traders may witness a test of the $160 area shortly.
From the midterm point of view, neither side is dominating as the rate is far from the key levels. In this case, sideways trading around the current prices is the more likely scenario.
SOL is trading at $170.73 at press time.
Vladislav Sopov
U.Today Editorial Team