As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen bull runs and bear markets come and go, much like the changing seasons. Looking at the current state of Solana (SOL), it seems we’re facing another downturn. The price drop by 5.12% within the last 24 hours is a stark reminder that even the most promising coins can take a hit in this volatile market.
The expansion hasn’t persisted for a while now, since nearly all the coins have once more dipped into the negative territory, as per CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has fallen by 5.12% over the last 24 hours.
On the one-hour graph, the value of SOL is shattering its nearby support at around $142.73. Should this occur and the day’s closing price drops below that level, a further drop to approximately $141 could be imminent.
Looking at a larger perspective, the outlook appears to be slightly more negative than positive. Should sellers manage to break through the short-term resistance at $142, there’s potential for a drop down towards the $140 area due to the accumulated pressure.
Such a scenario is relevant until the end of the week.
As we approach midterm, no indications of a price reversal have been observed so far. If the coming week’s candlestick settles near its current levels, traders might observe further decline toward the $130-$135 price zone.
SOL is trading at $143.48 at press time.
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2024-10-08 19:00