In a range-bound session favoring short positions, Solana remains constrained in a $12.2 to $12.57 range and is currently trading close to $12.22.
A study of SOL's chart reveals various key levels to watch: Solana could begin to recover as it approaches significant support, now 1 cents away from $12.24. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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 Bollinger Bands® shows an indication of recovery: the lower band is at $12.22, a low enough level to, generally, suggest that Solana is trading below its fair value.
All in all, the technical analysis suggests SOL has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Ripple slips 3% to trade around $0.34. Dogecoin is down to $0.077, losing $0.002, after closing at $0.079 in the preceding trading session. Algorand USD retreats 3.1% to trade around $0.183.
11 months ago Solana reached a significant high of $198 but has consequently lost 93.74% since then. Solana is currently trading with a market cap of 4.48 billion with an average daily volume of 49.73 million.