As an experienced analyst, I’ve seen my fair share of market ups and downs. The current trend in the crypto market is undeniably bearish, with most coins, including Solana (SOL), experiencing significant price drops.
The prices of most of the coins keep going down, according to CoinMarketCap.
SOL/USD
The price of Solana (SOL) has declined by 5.22% over the last 24 hours.
As a researcher studying the hourly chart, I observe that the price of Solana (SOL) hovers around the local support level of $171.24, suggesting a potentially bearish trend.
Should the current circumstances remain unaltered by evening, the price could potentially slide down to the $165 mark.
Looking at the larger perspective, no signs of a price reversal have appeared as of now. However, if sellers manage to push the price below $170, we might witness a dip towards the $160-$165 range before the week comes to an end.
As a market analyst, I’d observe that from a mid-term perspective, the weekly bar is poised to finish the week at a significant distance from its peak. This bearsish indication could potentially trigger a drop in price towards the nearby support level of $160 for traders.
SOL is trading at $171.26 at press time.
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2024-05-23 18:47