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April 18, 2023
After ending the previous trading day at $24.57, SOL went up to $25.41 only to drop back; still positive overall today, now trading at $25.22.
Although Solana is appreciating today after rising as high as $25.41, price action is now slowing and consolidating around 31 cents below the $25.53 resistance level. Despite posting gains so far today, Solana slid below its 5 day Simple Moving Average at $24.46 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $26.23, thereby suggesting that Solana is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Solana is set for a reversal in the coming days.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36. Chainlink USD is up 6.52%. Bitcoin is up 3.2%.
Over the past 11 months, Solana has retreated 77.4% from a noteworthy peak of $108.72. Solana is currently trading with a market cap of 9.89 billion with an average daily volume of 459.15 million.
