After closing at $31.25 today, Solana opened today at $31.25, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Solana retains a distinct $30.5 to $31.41 daily range.
Solana could begin to recover as it approaches significant support, now 49 cents away from $30.04. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, SOL peaked above its 10 day Simple Moving Average around $31.26 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger bands shows an indication of recovery: the lower band is at $29.13, a low enough level to, generally, suggest that Solana is trading below its fair value. Despite this, bearish sentiment was sufficient to push prices below the known Fib level of $30.66 serving as intraday support.
Overall, looking at the technical analysis landscape, it seems SOL —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Ripple slips 2.06% to trade around $0.471. Cardano withdraws 1.97% to trade around $0.366. FTX Token closed at $23.72 (down 1.77%).
Approximately 11 months ago, SOL reached a significant high of $258.93 but has struggled to hold onto its gains and declined 87.93% since then. SOL is currently trading with a market cap of 10.93 billion with an average daily volume of 82.32 million.