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June 27, 2023Solana trades at $16.57 after gaining $0.329 (2.02%).
Technical analysis shows that Solana could be slowing down soon as it approaches resistance at $16.79. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, Solana made an initial breakout above its 21 day Simple Moving Average at $16.51, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Solana's upper Bollinger Band® is at $17.72, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.
Solana shows positive signs, other assets are also on par: FTX Token leaps up 9.54% to trade around $1.36. TRON increases 0.96% to trade around $0.075.
At the same time, Bitcoin Cash is trading around $220.12 (down $2.78).
SOL reached a significant high of $46.6 around 10 months ago but has lost 65.15% since then. Solana has a market cap of 6.63 billion with an average daily volume of 342.88 million.
