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May 04, 2023
After a mostly steady day, Solana loses $0.571 late into the session, trading at $21.71.
With regards to technical trend indicators, chart analysis show that Solana made an initial break below its 50 day Simple Moving Average at $21.85, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22.08 currently serving as support. If price action breaks below, the next Fib hurdle is $21.3. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $20.13, a low enough level to, generally, suggest that Solana is trading below its fair value. Following today's trading session, chart analysis suggests Solana could begin to recover as it approaches significant support, now 46 cents away from $21.25. 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, EOS closed at $1 (down 2.86%). Bitcoin Cash closed at $117.11 (down 2.58%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Solana is trading 76.13% lower compared to the $92.77 high it reached over the past year. SOL is currently trading with a market cap of 8.56 billion with an average daily volume of 493 million.
