After five days of going down, SOL is stable today, trading around $20.61

Without a clear-cut direction, Solana is trading around $20.61 and ranging between $20.58 and $20.83.

Solana made an initial breakout above its 3 day Simple Moving Average at $20.88, a potential indicator of a newly emerging bullish phase. SOL's upper Bollinger Band® is at $23.47 and the lower is $20.17. SOL is approaching key support, around 27 cents away from $20.34. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

With market volatility ebbing, the current technical outlook indicates Solana will break higher above its recent ranges in the immediate future.

Other markets show mixed performance as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Bitcoin Cash closed at $119.51 (down 2.02%). TRON trades close to $0.069, with no major change.

Solana is trading 69.59% lower compared to the $67.81 high it reached over the past year. SOL has a market cap of 8.14 billion with an average daily volume of 408.63 million.