SOL drops from $24.81 to $23.18, losing $1.63 (6.56%) today.
Solana made an initial break below its 5 day Simple Moving Average at $24.66, a possible indication of a forthcoming negative trend. On the other hand, note that SOL could begin to recover as it approaches significant support, now 95 cents away from $24.13. Dipping below could be an indication that further losses are ahead.
Looking forward, SOL is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Bitcoin is down $1,229.45 from the beginning of the session and now trades around $29,134. Ethereum is down to $1,980.76, losing $121.55, after closing at $2,102.31 in the preceding trading session.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.
Having soared to a high of $108.72 approximately a year ago, SOL is now trading 77.18% lower. SOL has a market cap of 9 billion with an average daily volume of 463.41 million.