Solana (SOL) experiences a modest decline amid a predominantly bullish crypto market, signaling potential consolidation ahead.
While most cryptocurrencies maintain upward momentum, SOL’s recent 1.75% drop highlights unique market dynamics affecting its price stability.
According to CoinStats, the falling trading volume suggests a lack of decisive momentum from both buyers and sellers, indicating a period of sideways movement.
Solana’s price dips 1.75% amid low volume, pointing to sideways trading around $150 as investors await a clear breakout.
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Solana (SOL) has diverged from the broader cryptocurrency market trends by registering a 1.75% decrease over the past 24 hours. This decline contrasts with the general green zone performance observed across most digital assets. The hourly chart reveals that SOL’s price remains distant from key support and resistance levels, while trading volume continues to diminish. This reduction in volume is a critical indicator that neither bulls nor bears currently possess sufficient strength to drive the price decisively in either direction. As a result, the market appears to be entering a consolidation phase, with sideways trading around the $150 mark emerging as the most probable scenario in the short term.
Examining longer time frames, SOL’s price action remains confined within the previous day’s candle range, reinforcing the narrative of market indecision. The absence of a breakout above the upper resistance level suggests that buyers are yet to commit to an upward trend. From a midterm perspective, attention should be paid to the weekly bar closure, particularly the support level near $141.41. A close below this threshold could signal the continuation of a corrective phase, potentially driving prices toward the $120-$140 support zone. Traders and investors are advised to monitor these critical levels closely, as they will provide valuable insights into SOL’s next directional move.
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Source: https://en.coinotag.com/solana-sol-price-shows-sideways-movement-amid-declining-volume-potential-support-at-141-41/