SOL Price Action: Is a Bounce Coming?
After the bulls were unable to sustain their momentum over the weekend, Solana (SOL) is displaying short-term weakness. As traders closely monitor crucial support levels, the cryptocurrency has fallen 4.76% in the last day. SOL’s price action indicates cautious trading ahead because the volatility is limited and the majority of the daily ATR has already been realized.
SOL Price Action Suggests Calm Before Potential Drop to $170
SOL is trading close to the local support at $174.22 on the hourly chart. A further drop toward the $170 zone can be possible if the daily close is at or below this level. SOL has challenged the $173 level on a somewhat longer timeframe, and the absence of significant intraday momentum suggests that there is little chance of significant changes during the next day.
SOL Faces Key Midterm Resistance and Support Levels
There are no obvious signs of a reversal from a midterm standpoint. Traders may witness a continuation of the bearish trend toward $157, the closest substantial support, if the weekly bar closes close to present values. A breakout from the current consolidation, on the other hand, might release stored energy and test the $160–$170 range before the next direction of movement is evident. With traders keeping a careful eye on hourly and weekly support levels, SOL is still in a precarious equilibrium. Whether the coin resumes a bullish trend or keeps declining will depend heavily on momentum and breakout confirmation.
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