SOL is down 5.83%, trading at $23.36

Solana weakened earlier in the day, before moving away from its $22.66 low and recovering back to $23.36.

Solana pushed below the $24.13 support level and extended 77 cents beyond it. SOL made an initial break below its 10 day Simple Moving Average at $24.05, a possible indication of a forthcoming negative trend.

In the short term, SOL is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Litecoin closed at $94.48 (down 7.17%). EOS closed at $1.13 (down 7.49%). Ripple is trading around $0.498 (down $0.036).

SOL has fallen back around 77.18% from the significant high of $108.72 set a year ago. Solana is currently trading with a market cap of 9.17 billion with an average daily volume of 463.41 million.