The prices of most coins are falling again, according to CoinStats.
SOL chart by CoinStats
SOL/USD
The rate of Solana (SOL) has dropped by 2.52% over the last day.
Image by TradingViewThe 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 TradingViewOn the daily chart, the rate has once again failed to fix above the $175.98 level.
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 TradingViewFrom 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.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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