As the current session draws to a close, Solana remains in the $21.65 – $22.87 range after dropping 4.24%.
Solana broke through the $22.51 support line and dropped 69 cents below it. SOL made an initial break below its 50 day Simple Moving Average at $21.79, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22 currently serving as support. If price action breaks below, the next Fib hurdle is $21.19. In contrast, SOL's lower Bollinger Band® is at $20.34, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Solana.
In the meantime, negative performances are also seen in other markets, Bitcoin dips 4.5% to trade around $27,931. After ending today's session at $11.51, Cosmos USD lost $0.589 and is trading around $10.92.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36.
Having soared to a high of $92.77 approximately 11 months ago, Solana is now trading 75.44% lower. Solana is currently trading with a market cap of 8.58 billion with an average daily volume of 571.18 million.