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June 04, 2023
SOL trades at $21.64 after gaining $0.432 (2.04%).
Solana broke through the $21.27 resistance and climbed above it 37 cents; next resistance level is at $21.44. Solana made an initial breakout above its 50 day Simple Moving Average at $21.38, a potential indicator of a newly emerging bullish phase. Solana is currently trading around the $21.29 Fibonacci resistance level. On the other hand, note that Bollinger Band® analysis indicates that current price action is approaching the upper band at $21.86, thereby suggesting that Solana is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems SOL likely to continue pointing upward in the short term.
SOL shows positive signs, other assets are also on par: FTX Token gained 9.54% and is currently trading at $1.36. Bitcoin Cash gained 1.58% and is now trading at $116.74.
In the meantime, TRON moves 0.53% to trade around $0.082.
Solana has fallen back around 54.5% over the past 9 months, from a notable high of $46.6. SOL is currently trading with a market cap of 8.59 billion with an average daily volume of 230.75 million.
