Some coins are bouncing back, however, others keep trading in the red zone, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has dropped by 1.30% over the last 24 hours.
The price of SOL keeps looking bearish on the hourly chart. If the decline continues, there is a good chance of seeing a support breakout, followed by a dump to the $148-$149 zone.
Bulls have failed to keep yesterday’s rise. If the daily candle closes near $145, one can expect a test of the $140 area. Such a scenario is relevant until the end of the week.
From the midterm point of view, there are no reversal signals yet. Currently, traders should pay attention to the $140 zone.
If the weekly bar closes below it, the correction may lead to the test of the $120-$130 area until the end of the month.
SOL is trading at $149.30 at press time.