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May 08, 2023
Solana remains constrained within a $21.06 to $21.79 range and is currently trading around the $21.25 level.
As the day gets underway, chart analysis suggests Solana pushed below the $21.43 support level and extended 18 cents beyond it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Solana bounced $0.056 away from Fibonacci support at $21.19. Asset volatility analysis shows that SOL's lower Bollinger Band® is at $20.89, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Solana is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.449, Ripple lost $0.012 and is trading around $0.438. Algorand USD is down $0.006 from the beginning of the session and now trades around $0.167.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.
SOL is now trading 71.24% below the significant high of $75.22 it set around a year ago. SOL has a market cap of 8.39 billion with an average daily volume of 436.15 million.
