Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $22.96 to $23.26 range

A mostly flat day so far for Solana, ranging between $22.96 and $23.26; currently at $23.

Solana made an initial break below its 21 day Simple Moving Average at $22.98, a possible indication of a forthcoming negative trend. In contrast, SOL is approaching key support, around 68 cents away from $22.33. 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.

At the same time, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. TRON is up 0.85%. UNICORN Token USD gained 1.62% and is currently trading at $6.47.

Over the past 10 months, SOL has retreated 83.12% from a noteworthy peak of $136.78. Solana has a market cap of 8.70 billion with an average daily volume of 533.37 million.