Late into the session, Solana loses $0.546 (2.45%), currently trading at $21.74.
Following today's trading session, chart analysis suggests Solana could begin to recover as it approaches significant support, now 49 cents away from $21.25. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that SOL made an initial break below its 50 day Simple Moving Average at $21.85, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22.08 currently serving as support. If price action breaks below, the next Fib hurdle is $21.3. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $20.13, a low enough level to, generally, suggest that SOL is trading below its fair value.
All in all, the technical analysis suggests Solana has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS is trading around $1 (down $0.034). After ending today's session at $120.21, Bitcoin Cash lost $3.07 and is trading around $117.14.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
SOL has shed $71.07 points and is languishing 76.13% lower over the past year, leaving its yearly highs around $92.77 in the rear-view mirror. SOL has a market cap of 8.57 billion with an average daily volume of 493 million.