Mixed sentiment leads Solana cryptocurrency to trade sideways; establishes tight $14.65 to $14.94 range

A mostly flat day so far for Solana, ranging between $14.65 and $14.94; currently at $14.78.

Solana made an initial breakout above its 5 day Simple Moving Average at $15, a potential indicator of a newly emerging bullish phase. Solana is approaching key support, around 48 cents away from $14.3. 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.

Despite muted price action in Solana, chart analysis indicates it is positioned for a bullish run in the short term.

While Solana is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Cosmos USD gained 1.59% and is now trading at $8.78. EOS closed at $0.632 (down 0.95%).

Solana reached a significant high of $46.6 around 10 months ago but has lost 68.44% since then. SOL is currently trading with a market cap of 5.90 billion with an average daily volume of 360.45 million.