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Bulls have failed to seize the initiative on the last day of the week, according to CoinMarketCap.
SOL/USD
The price of Solana (SOL) has dropped by 2% over the last 24 hours.
On the hourly chart, the rate of SOL has broken the local support level of $138.06. While the price is below that mark, sellers remain more powerful than buyers. In this case, the correction may continue to the $134 zone.
On the bigger time frame, bears could not maintain the growth after yesterday’s bullish bar closure. If the candle closes around the current prices, there is a chance of an ongoing decline to the $120 area the upcoming week.
From the midterm point of view, the situation is less bearish. The rate of SOL is far from the key levels, which means neither side is dominating.
Respectively, sideways trading in the wide range of $120-$150 is the more likely scenario.
SOL is trading at $136 at press time.
About the author
Denys Serhiichuk
This news is republished from another source.
