Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $22.25 to $22.62 range

SOL is now trading at $22.4 after tracing out a steady $22.25 – $22.62 range today.

Solana is approaching key support, around 76 cents away from $21.64. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Solana made an initial breakout above its 21 day Simple Moving Average at $22.44, a potential indicator of a newly emerging bullish phase.

Despite muted price action in Solana, chart analysis indicates it is positioned for a bullish run in the short term.

While Solana is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Binance Coin is down $7.65 from the beginning of the session and now trades around $323.07. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.

Approximately a year ago, Solana reached a significant high of $97.4 but has struggled to hold onto its gains and declined 77.06% since then. Solana is currently trading with a market cap of 8.80 billion with an average daily volume of 507.31 million.