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May 15, 2023SOL trades at $21.33 after gaining $0.381 (1.82%).
Solana made an initial breakout above its 10 day Simple Moving Average at $21.17, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $21.3 currently serving as resistance Solana's lower Bollinger Band® is at $19.88, indicating that the market is oversold and fertile for new buyers. On the other hand, note that SOL reversed direction at $21.22 resistance zone and retreated back 11 cents below it.
Overall, looking at the technical analysis landscape, it seems SOL might continue pointing upwards in the short term.
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. Litecoin gained 5.39% and is currently trading at $88.16. Bitcoin is up 2.15%.
Solana is trading 64.39% lower compared to the $58.81 high it reached over the past year. Solana is currently trading with a market cap of 8.44 billion with an average daily volume of 380.32 million.
