As a researcher with experience in cryptocurrency analysis, I have closely monitored the market trends and price movements of various digital assets over the past few months. Today, while examining the data provided by CoinMarketCap, I noticed that bulls have lost momentum on the last day of the week. The price of Solana (SOL) has taken a hit, dropping by 2% in the last 24 hours.
Bulls have failed to seize the initiative on the last day of the week, according to CoinMarketCap.
SOL/USD
The price of Solana (SOL) has dropped by 2% over the last 24 hours.
As an analyst, I observe on the hourly chart that the value of Solana (SOL) has breached its previous support level at $138.06. With the price currently below this threshold, sellers hold the upper hand over buyers in the market. Consequently, it’s plausible for the correction to extend further down towards the potential resistance zone around $134.
Looking at the larger time horizon, the bullish momentum from the previous day’s strong candle did not sustain growth. If the price stays near its current level when the next candle closes, there is a possibility of further downtrend towards the $120 region in the coming week.
As a crypto investor looking at the mid-term outlook, I can tell you that the situation with Solana (SOL) isn’t as bearish as it may seem. The current price is quite a distance from significant resistance levels, indicating that neither the bulls nor the bears are in complete control.
Respectively, sideways trading in the wide range of $120-$150 is the more likely scenario.
SOL is trading at $136 at press time.
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2024-07-07 20:50