Solana drops from $24.31 to $23.66, losing $0.653 (2.69%) today.
Solana made an initial break below its 5 day Simple Moving Average at $24.08, a possible indication of a forthcoming negative trend. On the other hand, note that SOL could begin to recover as it approaches significant support, now 1 cents away from $23.65. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts SOL to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the SOL is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, NEAR Protocol is down $0.121 from the beginning of the session and now trades around $2.4. MaticNetwork USD goes down 3.96% to trade around $1.07.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.
Solana has managed to gain 144.32% so far this year despite trading at lows around $9.64 previously. Solana is currently trading with a market cap of 8.79 billion with an average daily volume of 253.98 million.