The market is facing a bounce off today, according to CoinStats.

SOL/USD

The price of Solana (SOL) has increased by 1.54% over the last day.

On the hourly chart, the rate of SOL is in the middle of the local channel, between the support of $168.69 and the resistance of $174.21. 

If the daily bar closes near the upper level, the upward move may continue to the $178 zone tomorrow.

On the bigger time frame, the price of SOL is trading within yesterday’s bar. Currently, none of the sides is dominating, which means traders have low chances to expect sharp moves soon.

From the midterm point of view, the rate of the altcoin has made a false breakout of the resistance of $180.26. If the weekly bar closes far from that level, one can expect a correction to the $160 range.

SOL is trading at $172.12 at press time.