SOL cryptocurrency trades up $0.225, approximately 1.17% higher this afternoon

Solana posts light gains on a low-volatility day, ranging between $19.12 – $19.54 and is now at $19.48.

Solana could be slowing down soon as it approaches resistance at $19.58. Of course, crossing it might suggest further gains are ahead. Although up today, early price action saw Solana dropping below its 200 day Simple Moving Average at $19.23 — an early indicator that a new downward trend could be emerging. In contrast, SOL's lower Bollinger Band® is at $19, indicating that the market is oversold and fertile for new buyers.

Technical analysis suggests there could be an imminent reversal for Solana.

Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36. Ripple climbs 2.4% to trade around $0.465. MaticNetwork USD is up 3.84%.

Solana is now trading 59.33% below the significant high of $47.35 it set around 11 months ago. Solana is currently trading with a market cap of 7.72 billion with an average daily volume of 293.49 million.