| 
May 01, 2023
SOL is range-bound between $22.05 and $22.87 today after shedding $0.726 and closing at $22.78 today.
Solana pushed below the $22.51 support level and extended 45 cents beyond it. Solana made an initial break below its 10 day Simple Moving Average at $22.14, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $22 currently serving as support. If price action breaks below, the next Fib hurdle is $21.19. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $20.37, a low enough level to, generally, suggest that SOL is trading below its fair value.
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 SOL.
In the meantime, negative performances are also seen in other markets, Bitcoin is trading around $28,400 (down $848.24).
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36. TRON is up 2.37%.
11 months ago Solana reached a significant high of $92.77 but has consequently lost 75.44% since then. SOL is currently trading with a market cap of 8.67 billion with an average daily volume of 571.18 million.
