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Neither buyers nor sellers have turned out to be more powerful today, according to the CoinMarketCap ranking.
SOL/USD
The price of Solana (SOL) has gone down by 1.74%.
On the hourly chart, traders should pay attention to the local support level at $20.52. If the bears’ pressure continues and the candle closes near it or even below it, the breakout may lead to the test of the $20 zone shortly.
Sellers are more powerful than buyers on the daily time frame, as the price is on the way to the support at $19.42.
If the decline continues to $20, there is a high possibility to see a sharp downward move to the $18-$19 zone at the beginning of April.
On the weekly chart, the price of Solana (SOL) has once again bounced off the support level at $19.68. If the situation does not change, the accumulated energy might be enough for an ongoing drop to the nearest support at $16.
SOL is trading at $20.50 at press time.