SOL cryptocurrency trades up $0.726, approximately 3.31% higher this afternoon

Solana trades at $22.63 after gaining $0.726 (3.31%).

Solana made an initial breakout above its 50 day Simple Moving Average at $22.82, a potential indicator of a newly emerging bullish phase. Despite this, SOL is 7 cents away from testing key resistance at $22.56. Peaking above this level could inspire market bulls and open the path to further gains.

Examining the technical analysis landscape, SOL might continue its downtrend in the short term.

Solana shows positive signs, other assets are also on par: FTX Token is up 9.54%. Having closed the previous session at $1.15, EOS is up 4.03% today to currently trade at around $1.19. Litecoin ascends 3.79% to trade around $97.54.

10 months ago SOL reached a significant high of $136.78 but has consequently lost 84% since then. Solana is currently trading with a market cap of 8.57 billion with an average daily volume of 598.58 million.