Bulls have failed to keep the growth going after the weekend, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has declined by 5.37% over the last 24 hours.
On the hourly chart, the price of SOL is near the local support of $174.22. If the daily bar closes near that mark or below it, the drop is likely to continue to the $170 zone.
On the longer time frame, the rate of SOL has tested the support of $173. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
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However, if a breakout happens, the accumulated energy might be enough for a test of the $160-$170 range.
From the midterm point of view, there are also no reversal signals yet. If the weekly bar closes around current prices, traders may witness an ongoing drop to the nearest support of $157.
SOL is trading at $175.43 at press time.