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June 10, 2023
After closing Thursday at $17.37, Solana dropped to $13.38 today, hitting its lowest point in 5 months during today's session. It later recovered $2.32 and is now trading at $15.7.
As the trading day comes to an end, chart analysis indicates although Solana is pointing down today (was as low as $13.38), it's climbing away from the $13.34 support line and is now $2.35 above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates SOL is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $15.48, a low enough level to, generally, suggest that SOL is trading below its fair value.
Overall, the technical outlook suggests Solana 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, Litecoin is trading around $77.56 (down $11.71). After ending today's session at $0.07, Dogecoin lost $0.007 and is trading around $0.062. Avalanche closed at $11.66 (down 15.22%).
SOL reached a significant high of $46.6 around 9 months ago but has lost 62.72% since then. SOL has a market cap of 6.25 billion with an average daily volume of 329.57 million.
