SOL cryptocurrency trades up $0.219, approximately 1.09% higher going into tomorrow

After dipping down to $19.96, Solana regains earlier losses and goes up to $20.26.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $21.75, thereby suggesting that Solana is becoming overvalued. SOL is 30 cents away from testing key resistance at $20.56. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, Solana made an initial breakout above its 3 day Simple Moving Average at $20.29, a potential indicator of a newly emerging bullish phase.

Technical analysis suggests there could be an imminent reversal for SOL.

Solana shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Dogecoin improves 2.03% to trade around $0.083. Having closed the previous session at $123.75, Bitcoin Cash is up 1% today to currently trade at around $125.

Approximately a year ago, Solana reached a significant high of $112.51 but has struggled to hold onto its gains and declined 82.19% since then. Solana has a market cap of 7.86 billion with an average daily volume of 418.68 million.