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The market might need a correction as the rates of the coins are going down.
Solana (SOL) is one of the biggest losers today, falling by 3.70% over the last 24 hours.
On the hourly chart, the price is coming back to the local support level of $15.86. If buyers cannot seize the initiative shortly, the breakout might lead to the test of the zone around $15.
On the daily chart, bulls have nothing to worry about until the price is above the support level at $15. From another point of view, the rate of SOL could not fix above the $17 mark, which means buyers need more time to accumulate power for a further move.
Respectively, sideways trading in the range of $15-$16 is the more likely scenario.
On the daily chart against Bitcoin (BTC), the price of Solana (SOL) is also trading above the support level. If bulls can hold the rate above the 0.0009146 mark, one can expect an upward move to the important zone of 0.001 by the end of the month.
SOL is trading at $15.88 at press time.