As a seasoned researcher with years of experience in this dynamic cryptocurrency market, I find myself closely observing the current trend of Solana (SOL). With a keen eye for patterns and a knack for deciphering complex charts, I can’t help but notice the sideways movement as per CoinMarketCap.
The market is mainly trading sideways, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has dropped by 3.69% over the last 24 hours.
On the hourly timeframe, the Solana (SOL) price is attempting to hold at its immediate support of around $153.12. Should a downward break occur, it could potentially extend the corrective phase towards the $150 region or even lower.
In simpler terms, on a day-by-day basis, there hasn’t been consistent upward momentum, indicating that buyers haven’t gathered sufficient power or confidence in the market yet.
If no adjustments occur before the end of the day, it’s more probable that we’ll see price movements within the range of $140 to $150, moving neither significantly up nor down.
Looking ahead to the midpoint, things appear more optimistic. The market’s growth indicates that bulls are persisting, showing no signs of easy surrender yet. In essence, traders might expect a continuation of consolidation with prices hovering around $150 over the coming days.
SOL is trading at $153.8 at press time.
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2024-08-09 20:11