Solana (SOL) Price Prediction for May 31.
SOL/USD.
The price of Solana (SOL) has risen by 2.15% since yesterday.
On the hourly chart, the rate of SOL is rising after a false breakout of the local support level of $165.52. If the growth continues to the resistance, there is a possibility to see a further rise to the $170 zone.
On the daily time frame, the price is in the middle of the channel, which means none of the sides is ready for a sharp move. In addition, the volume keeps falling.
In this case, ongoing sideways trading in the area of $165-$170 is the more likely scenario until the end of the week.
From the midterm point of view, one should pay attention to the support level of $160. If the sellers' pressure continues and the bar closes near the mentioned mark, traders may witness a test of $150.
SOL is trading at $166.27 at press time.
