Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $20.27 to $20.76 range

After dropping down to $20.27, SOL recovers some losses and is currently trading at $20.53.

Technical analysis trend indicators suggest that Solana made an initial breakout above its 5 day Simple Moving Average at $20.73, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Solana's upper Bollinger Band® is at $22.3, suggesting that a downward move may follow. Technical analysis shows that SOL is approaching key support, around 1 cents away from $20.53. 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.

The current technical outlook indicates SOL will continue to ebb sideways within tight ranges for the immediate future.

At the same time, 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. Dogecoin is down to $0.082, losing $0.003, after closing at $0.085 in the preceding trading session. Tezos USD is trading around $1.1 (down $0.035).

Having soared to a high of $121.47 approximately a year ago, SOL is now trading 83.03% lower. Solana has a market cap of 7.97 billion with an average daily volume of 470.44 million.