Mixed sentiment leads SOL cryptocurrency to trade sideways; establishes tight $23.96 to $24.43 range

Without a clear-cut direction, SOL is trading around $24.2 and ranging between $23.96 and $24.43.

Solana made an initial breakout above its 5 day Simple Moving Average at $24.07, a potential indicator of a newly emerging bullish phase. SOL is approaching key support, around 48 cents away from $23.72. 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 this, SOL's upper Bollinger Band® is at $25.16, suggesting that a downward move may follow.

With market volatility ebbing, the current technical outlook indicates Solana will break higher above its recent ranges in the immediate future.

Meanwhile, 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. Cosmos USD is up 3.09% to $12.78. NEAR Protocol slips 1.67% to trade around $2.28.

SOL has fallen back around 77.88% over the past 11 months, from a notable high of $108.72. Solana has a market cap of 9.49 billion with an average daily volume of 387.25 million.