Solana down $1.05 reaching $21.16, for its 4th straight negative day

Struggling to find upward momentum, SOL has shed $1.05 to currently trade at $21.16 as it ranges between $21.16 and $22.37 so far today.

Solana made an initial break below its 50 day Simple Moving Average at $21.28, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $21.19 currently serving as support. If price action breaks below, the next Fib hurdle is $19.9. On the other hand, note that SOL reversed direction at $21.34 support zone and climbed 19 cents above it.

In the short term, Solana is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.084, Dogecoin lost $0.006 and is trading around $0.078. Ripple closed at $0.445 (down 6.61%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.

Solana has shed $84.72 points and is languishing 79.23% lower over the past year, leaving its yearly highs around $106.62 in the rear-view mirror. SOL has a market cap of 8.31 billion with an average daily volume of 497.00 million.