The market bounce back has not lasted long, and most of the coins are back to the red zone, according to CoinStats.

SOL/USD

The rate of Solana (SOL) has dropped by 3.29% over the last day.

On the hourly chart, the price of SOL is below the local support of $193.13. If the daily bar closes below that mark, the decline is likely to continue to the $185 zone soon.

On the bigger time frame, the rate of SOL is falling after yesterday’s bearish closure. If the candle closes near its low, traders may witness a test of the nearest support of $175.89 by the end of the week.

From the midterm point of view, there are no reversal signals yet. 

If the rate breaks the interim zone of $180, there is a chance to see an ongoing downward move to the $157 level.

SOL is trading at $192.02 at press time.