Unlock Solana's (SOL) Potential: A June 5th Price Forecast for Crypto Investors

Crypto Market Dips as Solana (SOL) Faces Bearish Pressure

According to the latest data from CoinMarketCap, the cryptocurrency market has quickly shifted into bearish territory, with several major digital assets experiencing significant declines.

One of the cryptocurrencies facing the brunt of the market downturn is Solana (SOL), which has seen its price fall by 3.48% over the past 24 hours.

Bearish Signals on the Hourly Chart

An analysis of the hourly chart for Solana reveals a bearish trend, with the price action continuing to point downward. If the price breaks below the current local support level, the accumulated selling pressure could potentially lead to a further correction, potentially reaching the $145 mark.

Longer-Term Outlook Remains Bearish

On longer time frames, sellers appear to have a stronger grip on the market than buyers. Should the current candle close below the $152.14 level without a long wick, it could signal an imminent test of the $140-$145 price range.

Potential for Ongoing Correction

• From a mid-term perspective, there are no clear reversal signals at the moment, suggesting the potential for an ongoing correction.
• Investors should keep a close eye on the previous bar's low, as a break below the $150 level could pave the way for a continued decline toward the $140 mark.

At the time of writing, Solana (SOL) is trading at $150.67.