SOL dropped to $16.3, hitting its lowest point in 1 year. Later, it recovered $0.352 and is now trading at $16.65.
A study of Solana's chart reveals various key levels to watch: although Solana is down today and was as low as $16.3, it seems to be recovering slightly and climbing away from the $19.28 support line and is now $2.63 above it. Trend-focused traders would be interested to note 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. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Solana's case, the RSI has fallen below 30, indicating the asset is oversold. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $22.17, a low enough level to, generally, suggest that SOL is trading below its fair value.
Overall, the technical outlook suggests Solana is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $5.43, FTX Token lost $1.41 and is trading around $4.02. Ethereum is trading around $1,175.37 (down $154.2). Binance Coin dips 10.85% to trade around $290.56.
SOL has shed $224.12 points and is languishing 90.32% lower over the past year, leaving its yearly highs around $248.47 in the rear-view mirror. SOL is currently trading with a market cap of 6 billion with an average daily volume of 152 million.