Mixed sentiment leads Solana cryptocurrency to trade sideways; establishes tight $21.86 to $22.04 range

Without a clear-cut direction, Solana is trading around $22 and ranging between $21.86 and $22.04.

Technical analysis trend indicators suggest that Solana made an initial breakout above its 50 day Simple Moving Average at $21.95, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, SOL's upper Bollinger Band® is at $23.3, suggesting that a downward move may follow. As the day gets underway, chart analysis suggests Solana is approaching key support, around 57 cents away from $21.45. 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.

While SOL is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.

SOL has fallen back around 72.19% over the past a year, from a notable high of $79. SOL is currently trading with a market cap of 8.69 billion with an average daily volume of 463.70 million.