Solana is range-bound between $28.43 and $29.4 today after shedding $0.449 and closing at $29.3 today.
Solana could begin to recover as it approaches significant support, now 65 cents away from $28.2. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, SOL peaked above its 10 day Simple Moving Average around $29.46 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $27, a low enough level to, generally, suggest that SOL is trading below its fair value.
Technical analysis shows that SOL (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.456, losing $0.013, after closing at $0.469 in the preceding trading session. EOS closed at $1.07 (down 2.65%). After ending today's session at $110.94, Bitcoin Cash lost $1.94 and is trading around $109.
Approximately 11 months ago, SOL reached a significant high of $258.93 but has struggled to hold onto its gains and declined 88.68% since then. SOL is currently trading with a market cap of 10.34 billion with an average daily volume of 69.89 million.