As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to market trends and price movements. And based on the latest update about Solana (SOL), I can’t help but feel a sense of unease.
Bears keep controlling the situation on the last day of the week, according to CoinMarketCap.
SOL/USD
Since yesterday, Solana’s (SOL) price has dropped by 1.61 percentage points. Over the past week, there’s been a decrease of 2.47% in its value.
As a researcher analyzing the hourly chart, I find that the Solana (SOL) price sits comfortably within the confines of a narrow price range. Specifically, it hovers around the midpoint between the support level at $162.23 and the resistance level at $166.94.
With much of the average true range (ATR) for the day already realized, significant price swings are unlikely to occur before the market closes.
As a crypto investor, I’ve noticed that the price rate had an unsuccessful breakout above the significant support level at $162.50 on the larger time frame. If this bounce back fails to materialize, there is a potential for a more substantial drop towards $160 and even below that price point.
As an analyst, I would interpret the midterm outlook as indicating a potential bearish closure for the weekly bar. Consequently, it’s reasonable to anticipate that the price may challenge the $150-$160 range in the upcoming week based on this perspective.
SOL is trading at $164.11 at press time.
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2024-05-26 18:11