Solana set for weak finish today; down 3.05% to $21.55 with 4 hours before close

As the current session draws to a close, Solana remains in the $21.29 – $22.24 range after dropping 3.05%.

As the trading day comes to an end, chart analysis indicates Solana could begin to recover as it approaches significant support, now 37 cents away from $21.92. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Solana made an initial break below its 50 day Simple Moving Average at $21.82, 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. Asset volatility analysis shows that SOL's lower Bollinger Band® is at $20.21, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.456 (down 1.86%). UNICORN Token USD closed at $6.43 (down 2.98%).

Other assets are showing positive performances as FTX Token added 9.54% to its value, now trading at $1.36.

SOL has fallen back around 76.04% from the significant high of $92.77 set 11 months ago. SOL has a market cap of 8.49 billion with an average daily volume of 544.65 million.