As the current session draws to a close, SOL remains in the $12.84 – $14.14 range after dropping 4.94%.
Solana made an initial break below its 10 day Simple Moving Average at $13.33, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $14.03 by around $0.605 with prices hammering out a $12.84 – $14.14 range by session close. Solana fell below the $13.96 support zone and moved 53 cents beyond it; the next level of support with significant buyer interest is estimated at $13.8.
In the short term, SOL is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Binance Coin closed at $293.39 (down 4.93%). After ending today's session at $0.1, Dogecoin lost $0.005 and is trading around $0.095. Ripple is down to $0.384, losing $0.013, after closing at $0.397 in the preceding trading session.
11 months ago Solana reached a significant high of $234 but has consequently lost 93.96% since then. Solana is currently trading with a market cap of 4.87 billion with an average daily volume of 194.29 million.