| 
February 22, 2023
SOL is grinding lower from $24.96 to $23.58, shedding $1.38 (5.52%) today.
Solana made an initial break below its 200 day Simple Moving Average at $25.04, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $24.25 currently serving as support. If price action breaks below, the next Fib hurdle is $20. Despite this, SOL could begin to recover as it approaches significant support, now 23 cents away from $23.81. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Solana is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash draws back 3.4% to trade around $140.24.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36. Tezos USD is up 6.75% to $1.3.
Approximately 10 months ago, SOL reached a significant high of $136.78 but has struggled to hold onto its gains and declined 81.75% since then. SOL is currently trading with a market cap of 8.92 billion with an average daily volume of 521 million.
