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April 17, 2023
Slightly weaker but mostly flat: Solana is currently trading at $24.88 as it maintains an active range between $24.76 and $25.93.
Visual analysis of Solana's chart shows that Solana could begin to recover as it approaches significant support, now 79 cents away from $24.09. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, SOL's upper Bollinger Band® is at $25.72 which indicates a further downward move may follow.
Notwithstanding SOL's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Bitcoin closed at $29,600 (down 2.34%). Algorand USD is down $0.009 from the beginning of the session and now trades around $0.226.
Other assets are showing positive performances as FTX Token gained 9.54% and is now trading at $1.36.
Solana has fallen back around 76.64% over the past 11 months, from a notable high of $108.72. Solana has a market cap of 9.76 billion with an average daily volume of 429.27 million.
