Solana (SOL) Prediction for August 9

The market is mainly trading sideways, according to CoinMarketCap.

SOL/USD

The rate of Solana (SOL) has dropped by 3.69% over the last 24 hours.

On the hourly chart, the price of SOL is testing the local support level of $153.12. If a breakout happens, the correction is likely to continue to the $150 zone and below.

On the daily time frame, buyers have failed to maintain the growth, which means not enough energy has been accumulated yet.

If nothing changes by the end of the day, sideways trading in the zone of $140-$150 is the more likely scenario.

From the midterm point of view, the picture is more positive. The volume has risen, which means that bulls are not ready to give up so easily. All in all, traders may witness an ongoing consolidation in the range around $150 within the next days.

SOL is trading at $153.8 at press time.

Source