As an experienced market analyst, I have seen countless price movements and trends in my career. Based on the current data from CoinMarketCap regarding Solana (SOL), I believe that buyers are not going to give up easily despite a slight pullback. The 4% rise over the last day is a clear sign of strong demand for SOL.
Buyers are not going to give up so easily, according to CoinMarketCap.
SOL/USD
The price of Solana (SOL) has risen by almost 4% over the last day.
As a researcher studying the hourly price movements of Solana (SOL), I observe that the token is currently testing the support level at $172.31. Should it breach this level, there’s a high probability that bears may re-enter the market, potentially leading us to test the resistance zone around $170.
As a researcher studying the cryptocurrency market, I have observed that SOL‘s daily price chart appears to have experienced a false breakout above the significant resistance level of $173.93. However, it is crucial to keep a close eye on the bar’s closing price to determine if this trend will hold or if it was merely a brief surge before a potential correction.
If it happens far from that mark, there is a chance to see a correction to $170.
Based on the midpoint of the market’s performance in the past term, it is premature to make definitive predictions regarding future price movements at a considerable distance. Nevertheless, should buyers maintain control and the candle concludes close to $176, the price trend may persist, reaching the subsequent resistance level at $184.68.
SOL is trading at $173.28 at press time.
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2024-06-06 12:21