Solana is now trading at $22.22 after tracing out a steady $22.05 – $22.37 range today.
Solana is approaching key support, around 87 cents away from $21.34. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Solana made an initial breakout above its 21 day Simple Moving Average at $22.31, a potential indicator of a newly emerging bullish phase. Despite this, price action remains constrained around the key Fibonacci level of $22.08 currently serving as support. If price action breaks below, the next Fib hurdle is $21.3.
Despite muted price action in SOL, chart analysis indicates it is positioned for a bullish run in the short term.
While Solana is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD closed at $6.43 (down 2.98%).
SOL has shed $84.72 points and is languishing 79.23% lower over the past year, leaving its yearly highs around $106.62 in the rear-view mirror. SOL has a market cap of 8.72 billion with an average daily volume of 497.00 million.