Solana sheds $0.545 to trade around $22.11

Slightly weaker but mostly flat: SOL is currently trading at $22.11 as it maintains an active range between $21.95 and $23.1.

Solana made an initial break below its 21 day Simple Moving Average at $22.31, 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. On the other hand, note that Solana could begin to recover as it approaches significant support, now 9 cents away from $22.2. Dipping below could be an indication that further losses are ahead.

Looking forward, Solana is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.084, losing $0.004, after closing at $0.088 in the preceding trading session. After ending today's session at $0.492, Ripple lost $0.021 and is trading around $0.471.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

1 year, 1 day ago SOL reached a significant high of $108.72 but has consequently lost 79.16% since then. SOL has a market cap of 8.68 billion with an average daily volume of 482.46 million.