Solana down $0.7, closing at $21.8, for its 4th straight negative day

Solana drops $0.7 early on and steadies around the $21.8 level.

Despite being in the red so far in the current trading session, Solana peaked above its 3 day Simple Moving Average around $22.57 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $20.16, a low enough level to, generally, suggest that SOL is trading below its fair value. SOL could begin to recover as it approaches significant support, now 8 cents away from $21.88. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Solana —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Cardano closed at $0.347 (down 3.77%). Litecoin closed at $94.44 (down 3.49%).

Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.

Solana reached a significant high of $136.78 around 10 months ago but has lost 83.55% since then. Solana is currently trading with a market cap of 8.26 billion with an average daily volume of 609.89 million.