Solana (SOL) Market Review on September 2


The price of Solana (SOL) has witnessed a decrease of nearly 1% compared to its value from the previous day.

On the local chart, SOL has shown a false breakout below the support level at $19.41. Should the daily closing price remain distant from this level, there’s potential for a rebound towards the resistance at $19.66 in the coming day.

Looking at the daily chart, SOL’s current trend leans more towards bearish than bullish, with its approach to the support at $18.87. In case a breakout below $19 occurs, it could trigger a rapid descent to the $18-$18.50 range, given the accumulation of sufficient downward momentum.

Zooming out to the larger time frame, the price is currently testing the previous candle’s low at $19.35. If the closing price settles near this level or even lower, there is a possibility that the correction will persist, targeting the next support zone around $18.

This scenario remains relevant until mid-September.

As of the latest data available, SOL is trading at $19.44.

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