Solana slides down from $20.97 to $20.72 today, losing $0.241 (1.15%).
A study of SOL's historical price actions shows Solana could begin to recover as it approaches significant support, now 4 cents away from $20.68. Dipping below could be an indication that further losses are ahead. 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. Asset volatility analysis shows that Solana's lower Bollinger Band® is at $20.05, 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 Solana has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is trading around $6.43 (down $0.197). Litecoin goes down 1.95% to trade around $88.16.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.
Over the past 11 months, SOL has retreated 84.67% from a noteworthy peak of $136.78. Solana is currently trading with a market cap of 7.92 billion with an average daily volume of 592.65 million.