Solana
Solana (SOL) Price Prediction for May 23
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Prices of most coins continue to fall, according to CoinMarketCap.
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SOL/USD
Solana (SOL) price declined by 5.22% in the last 24 hours.
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On the hourly chart, the SOL rate looks bearish as it is trading near the local support at $171.24.
If the situation does not change by the end of the day, the breakout could lead to a further decline to the $165 zone.
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On a longer time frame, there are no reversal signals yet. If buyers lose the $170 area, it is possible to see a test between $160 and $165 by the end of the week.
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From a medium-term perspective, the weekly bar is about to close away from its high, which is a bearish signal. If this happens, traders can expect a test of the nearest support level at $160 soon.
SOL is trading at $171.26 at press time.
About the Author
Denys Serhiichuk
With over 5 years of experience in trading, Denys has in-depth knowledge of technical and fundamental market analysis. He mainly started his blog on TradingView, where he posts all the relevant information and makes predictions about major coins.
Thus, his experience is enhanced by his work in leading blockchain-related companies such as W12, Platinum Listing, ATB Coin and others, which can be contacted at denys.serhiichuk@u.today.