Mixed sentiment leads Solana cryptocurrency to trade sideways; establishes tight $19 to $19.61 range

Without a clear-cut direction, Solana is trading around $19.32 and ranging between $19 and $19.61.

Solana made an initial break below its 3 day Simple Moving Average at $19.16, a possible indication of a forthcoming negative trend. SOL's upper Bollinger Band® is at $19.86, suggesting that a downward move may follow. Despite this, Solana is approaching key support, around 50 cents away from $18.82. 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.

Although price action remains in a stalemate, technical analysis suggests Solana could be primed for a break to the downside.

Meanwhile, mixed performances are seen elsewhere as FTX Token added 9.54% to its value, now trading at $1.36. Litecoin is down to $107.29, losing $5.79, after closing at $113.08 in the preceding trading session. After ending today's session at $298.69, Bitcoin Cash lost $9.83 and is trading around $288.86.

SOL is now trading 58.26% below the significant high of $46.6 it set around 10 months ago. Solana is currently trading with a market cap of 7.75 billion with an average daily volume of 355.85 million.