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June 07, 2023
Solana is grinding lower from $20.35 to $19.15, shedding $1.19 (5.87%) today.
Solana could begin to recover as it approaches significant support, now 38 cents away from $19.53. Dipping below could be an indication that further losses are ahead. SOL made an initial break below its 200 day Simple Moving Average at $19.42, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $19.22 by around $0.069 with prices hammering out a $19.06 – $20.49 range by session close. Despite this, SOL's lower Bollinger Band® is at $18.78, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Solana.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.352, Cardano lost $0.03 and is trading around $0.323. Binance Coin is down to $260.18, losing $20.82, after closing at $281 in the preceding trading session.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
9 months ago SOL reached a significant high of $46.6 but has consequently lost 56.34% since then. SOL is currently trading with a market cap of 7.63 billion with an average daily volume of 258.56 million.
