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June 28, 2023
SOL is range-bound between $15.95 and $16.59 today after shedding $0.475 and closing at $16.59 today.
Solana made an initial break below its 21 day Simple Moving Average at $16.28, a possible indication of a forthcoming negative trend. Solana's upper Bollinger Band® is at $17.6 which indicates a further downward move may follow. In contrast, SOL could begin to recover as it approaches significant support, now 19 cents away from $16.31. Dipping below could be an indication that further losses are ahead.
In the short term, SOL is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.121 (down 5%). Cardano is down to $0.276, losing $0.01, after closing at $0.286 in the preceding trading session.
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 has fallen back around 64.4% over the past 10 months, from a notable high of $46.6. SOL is currently trading with a market cap of 6.45 billion with an average daily volume of 333.43 million.
