U.Today provides a Solana price prediction for May 16th, highlighting the coin’s recent growth. According to CoinStats, SOL saw a daily increase of 1.54%. On an hourly chart, the SOL/USD rate is situated within the local channel, hovering between support at $168.69 and resistance at $174.21. If the closing price of today’s trading session is close to the upper level, a further upward move might continue towards $178 on Wednesday.
On the longer time frame, Solana’s price remains within yesterday’s bar, currently showing no dominant side. This indicates minimal chances for sharp price movements in the near future. Looking at the mid-term outlook, the altcoin broke through its resistance of $180.26 on a false breakout. If the weekly closing price significantly deviates from this level, a correction to the $160 range might be anticipated.
SOL currently trades at $172.12 as of press time.