SOL/USD
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.
