A new week has started with sellers' pressure on the cryptocurrency market. However, Solana (SOL) is an exception, showing slight growth over the last day.
Current Situation on the Hourly Chart
On the hourly chart, the rate of SOL is in the middle of the local channel, between the support of $122.52 and the resistance of $127.63. As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.
Long-term Perspective for Solana
On the bigger time frame, the picture is rather more bearish than bullish. If the bar closes near the support, the accumulated energy might be enough for a move to the $115-$120 zone.
Mid-term Forecast for Solana
From the midterm point of view, there are no reversal signals yet. The volume keeps going down, which means bulls are not ready yet to seize the initiative. If nothing changes, traders may witness a test of the support of $115.47 by the end of the week.
Currently, Solana is trading at $124.21. The overall picture suggests uncertainty, and further price movement will largely depend on market participants' activity.
