The course of Solana (SOL) has fallen by 2,50% today, after a slight increase of 0,37% over the past week. This indicates weak market sentiment, as is also reflected in the general trend this week.
On the hourly chart, the price of SOL has made a false breakout of the local support at $170,36. Despite this attempt to break below this support, the price continues to trade close to this level. Should there be no recovery by the end of the day, it is likely that the price will move towards the $165-$170 range.
Looking at the longer time horizons, we see that the bears are taking over as the daily candlestick is closing almost below yesterday’s low. Such a close could lead to a test of the $160 level in the near future. This dynamic suggests increasing bearish pressure in the market.
From a medium-term perspective, there is currently no clear dominance of either party, as the price is far from major support levels. Given these conditions, it is more likely that we will experience a sideways movement around current prices than a strong price change in the near future.
At the time of writing, SOL is trading at $170,73.
What is the current price of Solana?
The current price of Solana (SOL) is $170,73.
How much did the price of Solana fall yesterday?
The price of Solana fell by 2,50% yesterday.
What are the possible price levels for Solana in the near future?
Possible price levels for Solana are $165-$170 if no recovery occurs, and a further test of the $160 area if the current bearish trend continues.