The end of the week is more bearish than bullish, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has fallen by 2.50% since yesterday. Over the last week, the price has risen by 0.37%.
On the hourly chart, the price of SOL has made a false breakout of the local support of $170.36. However, the rate keeps trading near the aforementioned level.
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If no bounce back happens by the end of the day, one can expect a test of the $165-$170 range.
On the bigger time frame, bears are seizing the initiative as the daily bar is about to close below yesterday’s candle low. If it happens, traders may witness a test of the $160 area shortly.
From the midterm point of view, neither side is dominating as the rate is far from the key levels. In this case, sideways trading around the current prices is the more likely scenario.
SOL is trading at $170.73 at press time.