As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. Today, the price action of Solana (SOL) has caught my attention. While it’s currently trading at $155.79, a 3.19% drop since yesterday, the hourly chart suggests a potential local support level at $153.33, with a possible bounce back to the $158-$160 zone by tomorrow if the daily candle closes far from it.
Sellers keep pushing coins to new local lows, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 3.19% since yesterday.
On an hourly basis, the price of SOL could potentially establish a temporary floor around $153.33. If today’s daily candle ends at a significant distance from this level, it may signal a possible rebound towards the $158-$160 range by tomorrow.
Over a longer period, the situation appears less defined. If the day’s closing price veers significantly away from its lowest point, a potential drop may be delayed. Under such circumstances, it seems more probable that sideways trading within the vicinity of $160 will occur.
Looking at the midpoint analysis, the Solana (SOL) price is currently hovering within a broad range. This range extends from the supportive level of around $116 to the resistant level of approximately $188.89.
As none of the sides is dominating, one can expect ongoing consolidation in the area of $140-$160.
SOL is trading at $155.79 at press time.
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2024-08-27 18:17