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Bears keep controlling the situation on the last day of the week, according to CoinMarketCap.

SOL/USD

The rate of Solana (SOL) has declined by 1.61% since yesterday. Over the last week, the price has fallen by 2.47%.

On the hourly chart, the price of SOL is in the middle of the narrow channel between the support of $162.23 and the resistance of $166.94.

As most of the daily ATR has been passed, any sharp moves are unlikely to happen by the end of the day.

On the bigger time frame, the rate has made a false breakout of the support of $162.50. If a bounce back does not happen, there is a chance of a more profound decline to $160 and below.

From the midterm point of view, the weekly bar is about to close bearish. In this case, traders are likely to see a test of the $150-$160 range next week.

SOL is trading at $164.11 at press time.