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A market correction has started at the beginning of the week, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 4.13% since yesterday.
On the hourly chart, the rate of SOL is closer to the support than to the resistance level. If sellers' pressure continues, one can expect a test of the $230 mark by tomorrow.
On the longer time frame, the price of SOL is going down after a false breakout of the resistance of $244.14.
However, the rate of the altcoin is far from main levels now, which means traders are unlikely to see increased volatility over the next few days.
From the midterm point of view, none of the sides has seized the initiative yet. The volume is falling, confirming the absence of bulls' or bears' energy. In this case, sideways trading in the range of $220-$240 is the most likely scenario.
SOL is trading at $235.61 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team