Forecast for Solana (SOL) Crypto Valuation in August 1st Edition
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In the cryptocurrency market, Solana (SOL) finds itself in a precarious position, as indicated by recent developments. According to CoinMarketCap, the top 10 coins, including Solana, are currently in the red zone.
Over the past 24 hours, the price of Solana has decreased by 4.88%, and it is currently trading at $168.17. The hourly chart shows a decline in the rate of Solana after a false breakout of the local resistance of $171.84.
From a daily perspective, the closure of the candle is crucial, with a focus on the $168.71 level. If the situation does not change by the end of the day, there is a high chance of an ongoing correction to the $160 area. If the bulls do not seize the initiative, a support breakout and test of the $165 mark is expected.
Denys Serhiichuk's prediction on U.Today suggests that in the short term, Solana is likely to continue sideways trading with resistance near $153-$160 and support around $140-$145. A clear breakout above $160 is needed to signal strength, but failure to break this zone could lead to a more severe correction, potentially retesting the $100 level if the $140-$145 support fails.
In the midterm, the outlook remains cautious. For upward momentum to resume significantly, SOL must break and hold above resistance levels around $158.80-$163.64. If bulls succeed, a move toward the $170-$180 range could occur. However, persistent failure to break resistance and declining volumes imply possible continued sideways movement or a downward correction.
Key technical points from Serhiichuk’s analysis include SOL grinding below major moving averages (50-day to 200-day EMA), lack of strong volume spikes, and an RSI hovering around neutral, all indicating weak conviction among traders. The first warning for a sharper correction is losing the $140-$145 support zone, with the psychological $100 level as a potential downside target.
Overall, Serhiichuk's view highlights a vulnerable Solana in the short and midterm, with sideways or slight bearish risks unless SOL can decisively break above key resistance zones around $160-$163.64. Traders are advised to exercise caution and closely monitor the market movements of Solana.
The recent price decrease in Solana has prompted a price prediction suggesting sideways trading in the short term, with resistance near $153-$160 and support around $140-$145. This trading pattern might lead investors to reconsider their strategies in the crypto finance market.
In the midterm, Solana's ongoing correction could potentially reach the $100 level if the $140-$145 support fails, underscoring the importance of making informed decisions based on price prediction in investing and trading.
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