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March 03, 2023
As the current session draws to a close, SOL remains in the $20.55 – $22 range after dropping 2.66%.
Solana could begin to recover as it approaches significant support, now $1.06 away from $20.35. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $20.16, a low enough level to, generally, suggest that Solana is trading below its fair value. Despite this, price action remains constrained around the key Fibonacci level of $20.43 currently serving as support. If price action breaks below, the next Fib hurdle is $19.52.
Technical analysis shows that SOL (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $23,479, Bitcoin lost $1,106 and is trading around $22,373. Litecoin closed at $90.08 (down 5.51%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
SOL is now trading 83.91% below the significant high of $136.78 it set around 10 months ago. SOL has a market cap of 8.11 billion with an average daily volume of 625.69 million.
