In a range-bound session favoring short positions, Solana remains constrained in a $23.63 to $24.14 range and is currently trading close to $23.65.
Solana made an initial break below its 21 day Simple Moving Average at $23.92, a possible indication of a forthcoming negative trend. Solana's upper Bollinger Band® is at $25.81 which indicates a further downward move may follow. In contrast, Solana could begin to recover as it approaches significant support, now 95 cents away from $22.7. 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 is trading around $0.092 (down $0.001).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. NEAR Protocol is up 2.52%.
Solana has fallen back around 82.53% from the significant high of $136.78 set 10 months ago. SOL is currently trading with a market cap of 8.83 billion with an average daily volume of 180 million.