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June 06, 2023
Without a clear-cut direction, Solana is trading around $19.91 and ranging between $19.32 and $20.11.
Solana made an initial break below its 200 day Simple Moving Average at $19.38, a possible indication of a forthcoming negative trend. SOL's upper Bollinger Band® is at $21.75, suggesting that a downward move may follow. On the other hand, note that Solana is approaching key support, around 79 cents away from $19.13. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Solana is positioned for a downward move in the near term.
While Solana is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. MaticNetwork USD draws back 3.27% to trade around $0.808. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
SOL is now trading 57.03% below the significant high of $46.6 it set around 9 months ago. SOL has a market cap of 7.92 billion with an average daily volume of 250.55 million.
