The price of Solana (SOL) shows activity in the market, with minor changes in recent days. This article examines the current trends and forecasts for this cryptocurrency.
Price Change of SOL over the Last 24 Hours
Since yesterday, the price of Solana has increased by 1.6%, indicating some positive momentum in the market.
Current Support and Resistance Levels
On the hourly chart, the price of SOL is heading towards local support at $155.93. If bulls fail to gain the initiative, a breakout of this level is expected, leading to a drop to the $155 range. On the longer time frame, the price of SOL has once again bounced off the resistance at $158.80. If the daily candle closes far from this level with a long wick, bears may seize the initiative, resulting in a correction to the $155 mark.
Long-Term Forecast for SOL
From the midterm perspective, traders should pay attention to the weekly candle closure. If it occurs above the nearest level of $158.80, the accumulated energy might be sufficient for a move towards the $163.54 mark.
Currently, SOL is trading at $156.50. The current market conditions indicate uncertainty, and investors should closely monitor any further changes.
