Solana (SOL) Prediction for August 27

08/27/2024 22:16
Solana (SOL) Prediction for August 27

When can traders expect further growth of Solana (SOL)?

Original U.Today article

Solana (SOL) Prediction for August 27

Cover image via U.Today

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.

Sellers keep pushing coins to new local lows, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

The price of Solana (SOL) has declined by 3.19% since yesterday.

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Image by TradingView

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.

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Image by TradingView

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.

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Image by TradingView

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. 

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DOGE and SHIB Prediction for August 25

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

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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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