SOL is down $0.166 (0.81%), trading around $20.29

SOL falls to $20.29, following mixed behavior today as it ranges between $20.28 and $20.71.

Trend-focused traders would be interested to note that despite being in the red so far in the current trading session, Solana peaked above its 5 day Simple Moving Average around $20.7 — typically an early indicator of a new bullish trend beginning to emerge. According to asset volatility analysis, SOL's upper Bollinger Band® is at $22.11 which indicates a further downward move may follow. Chart analysis indicates SOL could begin to recover as it approaches significant support, now 4 cents away from $20.25. Dipping below could be an indication that further losses are ahead.

Overall, the technical outlook suggests SOL is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Ripple descends 1.15% to trade around $0.507. NEAR Protocol is down to $2, losing $0, after closing at $2 in the preceding trading session.

Other assets are showing positive performances as FTX Token is up 9.54%.

Solana is trading 83.16% lower compared to the $121.47 high it reached over the past year. Solana has a market cap of 7.87 billion with an average daily volume of 449.00 million.