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Based on the current market trends and technical analysis, U.Today is predicting a bearish trend for Solana’s SOL coin.
As per our research, it appears that the altcoin has been steadily declining over the past few days. Currently, SOL is trading at $185.97 at press time, with no signs of recovery.
We have analyzed the hourly chart and observed a false breakout of the local support at $179.87. With most of the ATR having passed, it’s unlikely that we will see sharp moves by tomorrow.
Moreover, the volume has decreased significantly, indicating an absence of buyers and sellers’ strength. This suggests that there may be no sudden turnaround in price anytime soon.
From a midterm perspective, traders should pay attention to the weekly candle’s closure. In case it closes with a long wick, we expect sellers may take control, which could potentially lead to a drop down to the $170 mark.
Overall, our analysis indicates that a sideways trading scenario within the range of $180-$190 is the most likely outcome in the near future.
Source: u.today
