After four days of declines, Solana is up $0.297 today

Currently trading at $22.2, Solana remains range-bound between $21.78 and $22.27.

A study of Solana's historical price actions shows Solana is 28 cents away from testing key resistance at $22.48. Peaking above this level could inspire market bulls and open the path to further gains. With regards to technical trend indicators, chart analysis show that although up today, early price action saw SOL dropping below its 50 day Simple Moving Average at $21.79 — an early indicator that a new downward trend could be emerging. Price action remains constrained around the key Fibonacci level of $22.08 currently serving as resistance. If broken, the next Fib hurdle is expected to be $22.7. Analysis based on the asset volatility indicates that Solana's lower Bollinger Band® is at $20.15, indicating that the market is oversold and fertile for new buyers.

With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.

Other markets are also showing gains as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $28,000, Bitcoin is up 1.77% today to currently trade at around $28,500.

Meanwhile, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.

SOL has fallen back around 76.39% from the significant high of $92.77 set 11 months ago. Solana is currently trading with a market cap of 8.73 billion with an average daily volume of 582.75 million.