Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $20.53 to $20.87 range

SOL recovers back to $20.6 today after dipping down to $20.53, in a session that follows a previous closing value of $20.63.

Technical chart analysis shows Solana is approaching key support, around 3 cents away from $20.58. 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. With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that SOL's upper Bollinger Band® is at $25.51 and the lower is $19.78.

All in all, the technical analysis suggests Solana has no clear-cut direction.

Other markets show mixed performance as FTX Token soars 9.54% to trade around $1.36. Algorand USD slumps 2.61% to trade around $0.22. EOS goes down 1.54% to trade around $1.19.

Solana is now trading 84.91% below the significant high of $136.78 it set around 11 months ago. SOL is currently trading with a market cap of 7.89 billion with an average daily volume of 576.88 million.