After three days of declines, Solana is up $0.612 today

Solana trades at $21.11 after gaining $0.612 (3%).

Concerning technical analysis and more specifically, trend indicators, Solana made an initial breakout above its 5 day Simple Moving Average at $20.81, a potential indicator of a newly emerging bullish phase. SOL is currently trading around the $20.8 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $21.62, thereby suggesting that Solana is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that Solana broke through the $20.92 resistance, climbing 19 cents above it.

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

Other markets are also showing gains as FTX Token is up 9.54% to $1.36. TRON is up 2.46%. Having closed the previous session at $0.507, Ripple is up 2.38% today to currently trade at around $0.519.

Having set a significant high of $46.6 9 months ago, SOL is trading 56.02% lower. Solana is currently trading with a market cap of 8.37 billion with an average daily volume of 240 million.