Bearish Solana currently $0.577 lower after trading as high as $20.06

SOL crashes after losing $0.577, breaking down to $19.46.

Solana pushed below the $19.6 support level and extended 14 cents beyond it. Solana made an initial break below its 5 day Simple Moving Average at $19.93, a possible indication of a forthcoming negative trend. In contrast, Solana's lower Bollinger Band® is at $19.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Solana.

In the meantime, negative performances are also seen in other markets, after ending today's session at $91.65, Litecoin lost $5.25 and is trading around $86.4. Bitcoin Cash closed at $112.79 (down 2.5%).

Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36.

Since its 52-week high of $49.7, Solana has lost 59.7% over the last twelve months. SOL is currently trading with a market cap of 7.71 billion with an average daily volume of 304.78 million.