As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. The current trend is disheartening, to say the least. According to CoinMarketCap, the market keeps setting new local lows, and Solana (SOL) is no exception. Over the last 24 hours, SOL has experienced a decline of 6.60%.
The market keeps setting a new local low, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has fallen by 6.60% over the last 24 hours.
On the hourly chart, the Solana price may have identified a temporary floor at $132.90. If the daily closing price strays significantly from this level, the rebound could potentially push the price up to the $140 region.
Looking at the larger time scale, no clear signs of a price reversal have emerged yet. But keep an eye on the daily candlestick closures for potential indicators.
Traders might anticipate a range-bound price movement between approximately $135 and $145 if the event occurs at a distance from its support level before the week concludes.
As an analyst, I’ve observed that the mid-term price of Solana (SOL) is currently quite a distance from its key support and resistance levels. However, should the downward trend persist towards the $120 mark, there may accumulate enough energy for a potential breakout. If this happens, we could see a subsequent move within the range of $100 to $110.
SOL is trading at $137.27 at press time.
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2024-06-18 18:25