Currently, all top 10 cryptocurrencies are returning to the red zone, indicating a continued drop in prices. In particular, Solana (SOL) shows the most significant decline.
Market Overview
According to CoinMarketCap, the prices of all top 10 cryptocurrencies have fallen. This confirms the negative trend in the market, which is affecting investors and traders.
Solana Price Analysis
The price of Solana (SOL) has fallen by 4.88% in the last 24 hours and is currently at $168.17. On the hourly chart, the rate is declining after a false breakout of the local resistance at $171.84. If bulls cannot seize the initiative, a support breakout followed by a test of the $165 mark is expected.
Future Prospects and Predictions
From a long-term perspective, it is important to focus on the daily candle's closure at the $168.71 level. If the situation does not change by the end of the day, there is a high chance of seeing further correction towards the $160 area. In the midterm, if the bar closes near its low, traders may soon witness a test of the $150-$160 zone.
The decline in cryptocurrency prices, including Solana, continues to exert pressure on the market. Investors should closely monitor movements and be prepared for potential corrections.
