Solana (SOL) Prediction for August 27
08/27/2024 22:16When can traders expect further growth of Solana (SOL)?
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Sellers keep pushing coins to new local lows, according to CoinStats.
SOL/USD
The price of Solana (SOL) has declined by 3.19% since yesterday.
On the hourly chart, the rate of SOL might have found a local support level of $153.33. If the daily candle closes far from it, there is a chance to see a bounce back to the $158-$160 zone by tomorrow.
On the bigger time frame, the picture is less clear. If the daily bar closes far from its low, a further drop can be posponed. In this case, sideways trading in the range around $160 is the more likely scenario.
From the midterm point of view, the price of SOL is in the middle of a wide channel, between the support of $116 and the resistance of $188.89.
As none of the sides is dominating, one can expect ongoing consolidation in the area of $140-$160.
SOL is trading at $155.79 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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