SOL is grinding lower from $14.15 to $13.84, shedding $0.307 (2.17%) today.
Solana made an initial break below its 21 day Simple Moving Average at $13.92, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $14.03 by around $0.184 with prices hammering out a $13.84 – $14.15 range by session close. SOL's upper Bollinger Band® is at $15.12 which indicates a further downward move may follow. In contrast, SOL could begin to recover as it approaches significant support, now 54 cents away from $13.31. 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, Dogecoin decreases 4.23% to trade around $0.103. Litecoin closed at $77.04 (down 2.8%). Ripple closed at $0.4 (down 2.15%).
11 months ago SOL reached a significant high of $234 but has consequently lost 93.95% since then. SOL is currently trading with a market cap of 5 billion with an average daily volume of 123.50 million.