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June 09, 2023
After ending today at $18.89, today Solana dropped to its lowest point in 3 months — $17.39. It later recovered $0.303 and currently trades at $17.69.
A crossing of the lower Bollinger Band® at $17.97 suggests further losses may follow for Solana. On the other hand, note that despite being in the red so far in the current trading session, SOL peaked above its 3 day Simple Moving Average around $18.85 — typically an early indicator of a new bullish trend beginning to emerge. After reaching the $18.49 support zone, Solana bounced and climbed 80 cents above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Solana.
In the meantime, negative performances are also seen in other markets, TRON is trading around $0.072 (down $0.006). After ending today's session at $0.323, Cardano lost $0.023 and is trading around $0.3.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.
Approximately 9 months ago, Solana reached a significant high of $46.6 but has struggled to hold onto its gains and declined 59.48% since then. SOL has a market cap of 7 billion with an average daily volume of 262.76 million.
