Mixed sentiment leads Solana cryptocurrency to trade sideways; establishes tight $20.25 to $20.38 range

A mostly flat day so far for SOL, ranging between $20.25 and $20.38; currently at $20.28.

Solana is approaching key support, around 10 cents away from $20.18. 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. Solana made an initial breakout above its 3 day Simple Moving Average at $20.35, a potential indicator of a newly emerging bullish phase. SOL's upper Bollinger Band® is at $22.42 and the lower is $19.57.

Despite muted price action in Solana, chart analysis indicates it is positioned for a bullish run in the short term.

Other markets show mixed performance as FTX Token is up 9.54%. UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43.

Approximately 11 months ago, SOL reached a significant high of $52.76 but has struggled to hold onto its gains and declined 61.57% since then. SOL has a market cap of 8 billion with an average daily volume of 324.45 million.