Losing streak continues: SOL down $0.928 to $19.35 adding to its four days of losses

SOL weakened earlier in the day, before moving away from its $19.2 low and recovering back to $19.35.

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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $19.17, a low enough level to, generally, suggest that SOL is trading below its fair value. SOL's notable support and resistance levels: SOL is currently alternating around $19.82 with price action moving above and below this key level throughout the session.

With market volatility ebbing, the current technical outlook indicates SOL will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Tezos USD closed at $1.07 (down 3.41%). Cardano closed at $0.324 (down 2.2%).

Other assets are showing positive performances as FTX Token is up 9.54%.

SOL is now trading 85.17% below the significant high of $136.78 it set around 11 months ago. Solana has a market cap of 7.41 billion with an average daily volume of 556.90 million.