Sellers continue their pressure after a few days of market bounce back, according to CoinStats.

SOL/USD

The price of Solana (SOL) has dropped by 6.62% over the past 24 hours.

On the hourly chart, the rate of SOL is about to break the local support of $136.64. If it happens, the drop is likely to continue to the $135 mark soon.

On the bigger time frame, the picture is also bearish. The price is approaching the important level of $130.65. If bulls cannot seize the initiative soon, the accumulated energy might be enough for a dump to the $110-$120 zone.

From the midterm point of view, one should focus on the bar’s closure in terms of the $116 level. 

If the breakout happens, there is a chance to see a test of the vital $100 area.

SOL is trading at $136.65 at press time.