| 
June 12, 2023
A mostly flat day so far for Solana, ranging between $15.4 and $15.55; currently at $15.44.
As the day gets underway, chart analysis suggests Solana is currently alternating around $15.46 with price action moving above and below this key level throughout the session. Technical analysis trend indicators suggest 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 momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Solana's case, the RSI has fallen below 30, indicating the asset is oversold. According to asset volatility analysis, Solana's upper Bollinger Band® is at $23.36 and the lower is $15.22.
With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.
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. After ending today's session at $0.521, Ripple lost $0.003 and is trading around $0.518.
Having set a significant high of $46.6 9 months ago, Solana is trading 66.69% lower. Solana is currently trading with a market cap of 6.15 billion with an average daily volume of 341.34 million.
