As an experienced analyst, I’ve seen my fair share of market fluctuations, and today’s news of falling coin prices, including Solana (SOL), doesn’t surprise me. Based on the data from CoinStats and the charts presented, it appears that SOL has declined by 4% over the last day.
The prices of most of the coins keep falling, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 4% over the last day.
In the hourly timeframe, the price of Solana (SOL) hovers around the midpoint of its current price range. It sits comfortably between the support level of $118.47 and the resistance level of $127.33.
With much of the average true range (ATR) for the day already realized, it’s unlikely that significant price swings will occur before the market closes.
From an analytical perspective, I would advise traders to keep an eye on the closing price of the bar in relation to the previous day’s low of $121.21 when assessing the market’s trend on a larger time frame. If there is a false breakout and the price subsequently retreats, it’s likely that we will see a rebound towards the $130 zone within the ensuing days.
As an analyst, I observe that on the weekly chart, there haven’t been any clear reversal signals for Solana (SOL) as of now. The price is inching closer to the recently established resistance level at $116. If buyers fail to take control by the end of the week, the potential energy built up could propel the asset towards the critical support area around $100.
SOL is trading at $122.43 at press time.
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2024-05-01 18:39