Solana (SOL) Prediction for August 6
08/06/2024 23:42Can one expect trend reversal of Solana (SOL)?
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The long-term drop might have ended, according to CoinStats.
SOL/USD
The price of Solana (SOL) has risen by 10.18% over the last 24 hours.
On the hourly chart, the rate of SOL is near the resistance of $146.36. If a breakout happens, the rise is likely to lead to a test of the $150 zone soon.
On the bigger time frame, traders should focus on the daily candle closure in terms of the level of $146.08. If buyers can hold the initiative, the growth may continue to the $150-$160 range by the end of the week.
On the weekly chart, the rate of SOL has made a false breakout of the $116 level. However, bulls do not have enough energy for a reversal yet.
In this regard, consolidation in the area of $140-$160 is the more likely scenario.
SOL is trading at $145.02 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at [email protected].
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