The market is mostly falling today, according to CoinStats.

SOL/USD

The rate of Solana (SOL) has declined by 2% over the last day.

On the hourly chart, the price of SOL might have set a local resistance level of $174.14. If the daily bar closes far from that mark, traders may see a drop to the $170 zone by tomorrow.

On the bigger time frame, bulls are trying to seize the initiative after yesterday’s bearish closure. If the rate of SOL returns to $180 and fix above it, the upward move is likely to continue to the $185-$190 range within the next few days.

From the midterm point of view, the situation is less bullish. In this case, one should focus on the weekly bar closure.

If it happens near the support of $157.82, there is a possibility of a more profound correction to the $120-$140 area.

SOL is trading at $173.44 at press time.