SOL is range-bound between $18.97 and $20.63 today after shedding $1.22 and closing at $20.37 today.
Solana made an initial break below its 10 day Simple Moving Average at $19.34, 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 $1.16 away from $18. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts SOL to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the SOL is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.374, Ripple lost $0.014 and is trading around $0.36. Dogecoin closed at $0.069 (down 3.43%).
Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.
11 months ago Solana reached a significant high of $136.78 but has consequently lost 85.11% since then. Solana has a market cap of 7.34 billion with an average daily volume of 531 million.