Solana cryptocurrency trades up $0.583, approximately 2.74% higher going into tomorrow

Solana trades at $21.85 after gaining $0.583 (2.74%).

Solana made an initial breakout above its 50 day Simple Moving Average at $21.28, 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 In contrast, SOL is 23 cents away from testing key resistance at $22.08. Peaking above this level could inspire market bulls and open the path to further gains.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Solana to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the SOL is expected to pick up significant bullish sentiment in the coming days.

Solana shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ripple added 5% to its value, now trading at $0.473. Binance Coin is up 3.42% to $332.47.

Solana has fallen back around 79% from the significant high of $101.26 set 11 months ago. Solana is currently trading with a market cap of 8.58 billion with an average daily volume of 470.84 million.