Trading lower, Solana is currently down $0.24 as it ranges between $20.16 and $20.71 so far today.
Despite being in the red so far in the current trading session, Solana peaked above its 5 day Simple Moving Average around $20.7 — typically an early indicator of a new bullish trend beginning to emerge. SOL's lower Bollinger Band® is at $19.61, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. SOL could begin to recover as it approaches significant support, now 3 cents away from $20.25. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Solana will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $2, NEAR Protocol lost $0.034 and is trading around $1.97. Ripple closed at $0.507 (down 1.21%).
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36.
Solana is trading 83.16% lower compared to the $121.47 high it reached over the past year. SOL is currently trading with a market cap of 7.84 billion with an average daily volume of 449.00 million.