Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $19.88 to $20.34 range

After dropping down to $19.88, SOL recovers some losses and is currently trading at $20.3.

Solana made an initial break below its 200 day Simple Moving Average at $20.04, a possible indication of a forthcoming negative trend. SOL formed a session range of $19.88 to $20.34 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $20.04. On the other hand, note that Solana's upper Bollinger Band® is at $23.6 and the lower is $19.77. SOL reversed direction at $19.68 support zone and climbed 62 cents above it.

Although price action remains in a stalemate, technical analysis suggests Solana could be primed for a break to the downside.

Other markets show mixed performance as FTX Token jumps 9.54% to trade around $1.36. Bitcoin goes down 2.38% to trade around $26,347. Having closed the previous session at $0.068, TRON is up 1.66% today to currently trade at around $0.069.

11 months ago Solana reached a significant high of $58.81 but has consequently lost 65.68% since then. SOL is currently trading with a market cap of 8 billion with an average daily volume of 382.16 million.