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June 22, 2023
Struggling to find upward momentum, Solana has shed $0.581 to currently trade at $16.67 as it ranges between $16.67 and $17.69 so far today.
Solana could begin to recover as it approaches significant support, now 13 cents away from $16.54. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Solana peaked above its 21 day Simple Moving Average around $17.43 — typically an early indicator of a new bullish trend beginning to emerge.
Despite suffering losses in today's session, technical analysis is indicating that SOL will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $249, Binance Coin lost $7.69 and is trading around $241.31. Bitcoin Cash descends 1.38% to trade around $134.15.
Other assets are showing positive performances as FTX Token is up 9.54%.
Solana has fallen back around 62.98% from the significant high of $46.6 set 10 months ago. SOL has a market cap of 6.66 billion with an average daily volume of 360.95 million.
