Slightly weaker but mostly flat: Solana is currently trading at $13.39 as it maintains an active range between $13.08 and $14.46.
Despite being in the red so far in the current trading session, Solana peaked above its 5 day Simple Moving Average around $14.48 — typically an early indicator of a new bullish trend beginning to emerge. Solana could begin to recover as it approaches significant support, now 33 cents away from $13.72. Dipping below could be an indication that further losses are ahead. In contrast, bearish sentiment was sufficient to push prices below the known Fib level of $14.03 serving as intraday support.
Overall, looking at the technical analysis landscape, it seems SOL might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Algorand USD stumbles 5.38% to trade around $0.261. Cardano is down to $0.322, losing $0.011, after closing at $0.333 in the preceding trading session. NEAR Protocol closed at $1.84 (down 4.52%).
Solana is now trading 93.9% below the significant high of $234 it set around 11 months ago. Solana is currently trading with a market cap of 4.85 billion with an average daily volume of 217.63 million.