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June 26, 2023SOL drops $0.2 early on and steadies around the $16.72 level.
Solana made an initial break below its 21 day Simple Moving Average at $16.65, a possible indication of a forthcoming negative trend. In contrast, Solana could begin to recover as it approaches significant support, now 10 cents away from $16.62. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts SOL to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the SOL is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.131 (down 4.03%). EOS slips 2.11% to trade around $0.706.
Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.
SOL reached a significant high of $46.6 around 10 months ago but has lost 63.69% since then. SOL has a market cap of 6.69 billion with an average daily volume of 369.94 million.
