Tough start for SOL this morning following 0.91% decline; now at $20.64

Solana is grinding lower from $20.83 to $20.64, shedding $0.19 (0.91%) today.

Trend analysis indicates that despite being in the red so far in the current trading session, Solana peaked above its 5 day Simple Moving Average around $20.92 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that SOL's upper Bollinger Band® is at $21.58 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests Solana could begin to recover as it approaches significant support, now 29 cents away from $20.35. Dipping below could be an indication that further losses are ahead.

Overall, while Solana has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

In the meantime, negative performances are also seen in other markets, Bitcoin is trading around $26,765 (down $471.25). Cardano is down to $0.365, losing $0.009, after closing at $0.375 in the preceding trading session.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

SOL has fallen back around 55.31% over the past 9 months, from a notable high of $46.6. SOL has a market cap of 8.18 billion with an average daily volume of 231 million.