Solana set for weak finish today; down 0.84% to $20.64 with 37 minutes before close

SOL weakened earlier in the day, before moving away from its $20.3 low and recovering back to $20.64.

Solana made an initial break below its 21 day Simple Moving Average at $20.35, a possible indication of a forthcoming negative trend. Solana's upper Bollinger Band® is at $21.51 which indicates a further downward move may follow. On the other hand, note that SOL could begin to recover as it approaches significant support, now 41 cents away from $20.23. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Solana to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Solana is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Bitcoin is down to $27,758, losing $405.11, after closing at $28,163 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token leaps up 9.54% to trade around $1.36. Having closed the previous session at $0.483, Ripple is up 2.27% today to currently trade at around $0.494.

SOL hit a significant low of $9.64 around 4 months ago, but has since recovered 115.97%. SOL is currently trading with a market cap of 8.18 billion with an average daily volume of 257.47 million.