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The market keeps going up today, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has risen by 3.59% over the last 24 hours.
On the hourly chart, the price of SOL has set a local resistance of $225.72. If the daily bar closes far from that mark, bears may seize the initiative, which may lead to a correction to the $223 zone.
On the longer time frame, the rate of SOL is going up after yesterday's bullish closure.
If the candle closes with no long wick, the upward move is likely to continue to the $230-$240 range by the end of the week.
From the midterm point of view, the picture is neutral as the price of the altcoin is in the middle of the channel, between the support of $194 and the resistance of $249. As none of the sides is dominating, sideways trading in the range of $210-$240 is the most likely scenario.
SOL is trading at $225.39 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team