Sellers keep pushing coins to new local lows, according to CoinStats.

SOL chart by CoinStatsSOL/USD

The price of Solana (SOL) has declined by 3.19% since yesterday.

Image by TradingView

On the hourly chart, the rate of SOL might have found a local support level of $153.33. If the daily candle closes far from it, there is a chance to see a bounce back to the $158-$160 zone by tomorrow.

Image by TradingView

On the bigger time frame, the picture is less clear. If the daily bar closes far from its low, a further drop can be posponed. In this case, sideways trading in the range around $160 is the more likely scenario.

Image by TradingView

From the midterm point of view, the price of SOL is in the middle of a wide channel, between the support of $116 and the resistance of $188.89. 

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As none of the sides is dominating, one can expect ongoing consolidation in the area of $140-$160.

SOL is trading at $155.79 at press time.