Solana is grinding lower from $24.96 to $23.54, shedding $1.42 (5.68%) today.
Solana made an initial break below its 200 day Simple Moving Average at $25.04, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $24.25 currently serving as support. If price action breaks below, the next Fib hurdle is $20. In contrast, SOL could begin to recover as it approaches significant support, now 27 cents away from $23.81. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, Solana is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash draws back 3.47% to trade around $140.15.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Tezos USD is up 6.87% to $1.3.
Solana is now trading 81.75% below the significant high of $136.78 it set around 10 months ago. Solana is currently trading with a market cap of 8.91 billion with an average daily volume of 521 million.