As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs. And unfortunately, it seems like we’re in for another correction. According to CoinStats, the prices of most coins are falling once again, including Solana (SOL), which has dropped by 2.52% over the last day.
The prices of most coins are falling again, according to CoinStats.
SOL/USD
The rate of Solana (SOL) has dropped by 2.52% over the last day.
As a researcher observing the cryptocurrency market, I’ve noticed that the price of Solana (SOL) has dipped below its previous support level of $171.62. With the current price being lower than this mark, sellers have the upper hand in the market dynamics. Consequently, it is reasonable to anticipate a correction towards the $165 zone.
On the daily chart, the rate has once again failed to fix above the $175.98 level.
As a researcher studying market trends, I’ve observed that if buyers fail to take control by the close of the trading day and the price reaches a low near $160, there is a likelihood of a retest in the vicinity of $160-$165 during the upcoming week.
Looking at the midterm perspective, when the price exceeds $160, there’s a possibility for buyers to experience further price increases. However, it may take some extra time for Solana (SOL) to gather sufficient energy for such a move. Ultimately, it seems more plausible that the price will remain range-bound between $160 and $180 until the end of the month.
SOL is trading at $169 at press time.
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2024-05-19 21:17