Solana drops from $12.27 to $12, losing $0.273 (2.26%) today.
SOL chart analysis: Solana reversed direction at $11.96 support zone and climbed 4 cents above it. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $11.81, a low enough level to, generally, suggest that Solana is trading below its fair value.
Overall, the technical outlook suggests Solana is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Dogecoin is down $0.002 from the beginning of the session and now trades around $0.073. Ripple is trading around $0.34 (down $0.009). After ending today's session at $0.259, Cardano lost $0.007 and is trading around $0.252.
11 months ago SOL reached a significant high of $198 but has consequently lost 93.8% since then. Solana is currently trading with a market cap of 4.40 billion with an average daily volume of 45.24 million.