Solana (SOL) Prediction for August 1

The correction of most of the coins continues, according to CoinMarketCap.

SOL/USD

Solana (SOL) is one of the biggest losers today, falling by 7.2%.

On the hourly chart, the rate of SOL is coming back to the local support level of $166. If the daily bar closes around that mark, there is a chance to expect a breakout, followed by a move to the $164 zone.

On the bigger time frame, traders should pay attention to the daily bar closure in terms of the nearest level of $165.42.

If the sellers’ pressure continues, the accumulated energy might be enough for an ongoing decline to the $160 range.

From the midterm point of view, the picture is quite similar. If the weekly candle closes below the $165 mark, there is a high possibility to see a test of the $160 area until mid-August.

SOL is trading at $167.42 at press time.

Source