SOL recovering almost all the way back to $13.43 today, after dipping down to $12.96.
Chart analysis suggests Solana is currently alternating around $13.27 with price action moving above and below this key level throughout the session. 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. Japanese candlestick formations show when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Analysis based on the asset volatility indicates that Solana's lower Bollinger Band® is at $12.97, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests SOL has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.088 (down 5.25%). After ending today's session at $76.54, Litecoin lost $2.66 and is trading around $73.88. After ending today's session at $0.054, TRON lost $0.002 and is trading around $0.052.
SOL is now trading 93.22% below the significant high of $198 it set around 11 months ago. Solana is currently trading with a market cap of 4.76 billion with an average daily volume of 60.86 million.