Bears keep controlling the situation on the last day of the week, according to CoinMarketCap.
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The rate of Solana (SOL) has declined by 1.61% since yesterday. Over the last week, the price has fallen by 2.47%.
Image by TradingView
On the hourly chart, the price of SOL is in the middle of the narrow channel between the support of $162.23 and the resistance of $166.94.
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As most of the daily ATR has been passed, any sharp moves are unlikely to happen by the end of the day.
Image by TradingView
On the bigger time frame, the rate has made a false breakout of the support of $162.50. If a bounce back does not happen, there is a chance of a more profound decline to $160 and below.
Image by TradingView
From the midterm point of view, the weekly bar is about to close bearish. In this case, traders are likely to see a test of the $150-$160 range next week.
SOL is trading at $164.11 at press time.