SOL cryptocurrency trades up $0.161, approximately 0.79% higher this afternoon

Currently trading at $20.61, SOL remains range-bound between $20.36 and $20.63.

Trend-following investors would be interested to note that Solana made an initial breakout above its 10 day Simple Moving Average at $20.61, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $22.52, thereby suggesting that Solana is becoming overvalued. Solana chart analysis: Solana is 13 cents away from testing key resistance at $20.74. Peaking above this level could inspire market bulls and open the path to further gains.

With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.

Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Dogecoin is up 4%. Having closed the previous session at $0.066, TRON is up 0.97% today to currently trade at around $0.066.

SOL is trading 85.08% lower compared to the $136.78 high it reached over the past year. SOL has a market cap of 7.97 billion with an average daily volume of 542.19 million.