As a seasoned financial analyst with over a decade of experience in the crypto market, I’ve seen countless price fluctuations and trends. Based on my analysis of the current market situation, it appears that the recent bounce back for Solana (SOL) has been short-lived. According to CoinStats, the price of SOL has declined by 0.26% over the last 24 hours.
The market bounce back has not lasted long, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 0.26% over the last 24 hours.
On the hourly chart, the price of Solana (SOL) may have identified a temporary support level around $173.73. Should the daily candlestick finish close to $180, there’s potential for further advancement towards retesting the resistance zone encompassing $182-$184 in the near term.
On the bigger time frame, sellers are controlling the initiative on the market.
If buyers want to consider a price reversal, they must first push the rate back up to hit the resistance level of $188.32 and then hold above that point.
Looking at the mid-term perspective, it would be beneficial to keep an eye on the weekly closing price in relation to the $188.89 mark. Should this level be surpassed, there’s potential for further growth towards the significant region of $200.
SOL is trading at $177.79 at press time.
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2024-07-23 17:38