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March 11, 2023After closing at $18.22 today, SOL opened today at $18.22, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, SOL retains a distinct $17.19 to $18.83 daily range.
Although Solana is down today and was as low as $17.19, it seems to be recovering slightly and climbing away from the $16.4 support line and is now $1.55 above it. Despite being in the red so far in the current trading session, SOL peaked above its 5 day Simple Moving Average around $18.71 — typically an early indicator of a new bullish trend beginning to emerge. Solana's lower Bollinger Band® is at $16.67, 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, although technical indicators are mixed and pointing in different directions, it seems SOL is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, EOS is trading around $0.993 (down $0.052). Tezos USD is down $0.019 from the beginning of the session and now trades around $0.981.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36.
11 months ago Solana reached a significant high of $136.78 but has consequently lost 86.68% since then. SOL has a market cap of 6.87 billion with an average daily volume of 558.92 million.
