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April 27, 2023
SOL is on a bit of a rollercoaster today: spiking to $22 only to drop back to $21.25, now rallying again to $21.79.
Solana made an initial breakout above its 50 day Simple Moving Average at $21.33, a potential indicator of a newly emerging bullish phase. SOL is currently trading around the $22.08 Fibonacci resistance level. On the other hand, note that Solana is 56 cents away from testing key resistance at $22.35. 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.
Other markets are also showing gains as FTX Token is up 9.54%. Bitcoin improves 2.14% to trade around $29,036. Cosmos USD gained 3.14% and is currently trading at $11.27.
Solana has shed $78.33 points and is languishing 78.66% lower over the past year, leaving its yearly highs around $99.44 in the rear-view mirror. Solana has a market cap of 8.56 billion with an average daily volume of 518.71 million.
