On the final day of the week, as per CoinMarketCap, the cryptocurrency market appears balanced or neither bullish nor bearish.
SOL/USD
The price of Solana (SOL) hasn’t changed from what it was yesterday. However, over the past week, its value has dropped by approximately 13.46%.
On the one-hour timeframe, the Solana (SOL) price is close to its current local support level at approximately $185.60. Should a breakout occur, it seems probable that the drop could extend towards the $184 area by the next day.
Looking at a larger time perspective, the trend appears to be leaning towards bearish rather than bullish. The value of this altcoin seems to be headed towards its support level of approximately $182.74.
If buyers cannot seize the initiative shortly, one can expect a test of the $176 area soon.
Looking ahead to the midterm outlook, traders ought to concentrate on whether the weekly candlestick will close beneath $184. In case it does, further drops might extend towards the $160-$170 zone.
SOL is trading at $186.35 at press time.
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2025-01-12 13:04