The prices of most of the coins keep going down, according to CoinMarketCap.
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The price of Solana (SOL) has declined by 5.22% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of SOL is looking bearish as it is trading near the local support of $171.24.
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If the situation does not change by the end of the day, the breakout may lead to a further drop to the $165 zone.
Image by TradingView
On the bigger time frame, there are no reversal signals yet. If buyers lose the $170 area, there is a chance to see a test of $160-$165 by the end of the week.
Image by TradingView
From the midterm point of view, the weekly bar is about to close far from its peak, which is a bearish signal. If that happens, traders may expect a test of the nearest support level of $160 soon.
SOL is trading at $171.26 at press time.
