Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bulls are trying to hold the gained initiative, according to CoinStats.

SOL/USD

The price of Solana (SOL) has risen by 2.08% since yesterday.

On the hourly chart, the rate of SOL is on its way to testing the local resistance level of $159.33. If the bar closes near it, the accumulated energy might be enough for a breakout, followed by a move to the $160 zone and above.

On the bigger time frame, traders should focus on the daily bar closure in terms of the $156 level. If it happens above it and with no long wick, the upward move is likely to continue to the $160-$165 area. 

Such a scenario is relevant until the end of the week.

From the midterm point of view, it is too early to make any far predictions as only a few days remain until the candle closes. However, if it happens above the previous bar peak ($156), buyers may seize the initiative, which can lead to a test of the $170 range.

SOL is trading at  $157.24 at press time.