SOL ended the previous session at $20.94; currently trading at $20.58

Solana is grinding lower from $20.94 to $20.58, shedding $0.362 (1.73%) today.

Solana made an initial break below its 3 day Simple Moving Average at $20.58, a possible indication of a forthcoming negative trend. Despite this, SOL could begin to recover as it approaches significant support, now 7 cents away from $20.51. Dipping below could be an indication that further losses are ahead. Solana's lower Bollinger Band® is at $20.26, 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, Cardano closed at $0.361 (down 2.42%). Algorand USD is down $0.005 from the beginning of the session and now trades around $0.164.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Approximately 11 months ago, Solana reached a significant high of $58.81 but has struggled to hold onto its gains and declined 64.39% since then. Solana has a market cap of 8.14 billion with an average daily volume of 415.80 million.