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June 08, 2023Small gain for SOL at $18.76 after ranging between $18.3 and $19 today.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that SOL's lower Bollinger Band® is at $18.35, indicating that the market is oversold and fertile for new buyers. Chart analysis indicates SOL could be slowing down soon as it approaches resistance at $20. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates SOL will remain range-bound for the immediate future.
Other markets are also showing gains as FTX Token is up 9.54%. EOS gained 2.94% and is currently trading at $0.888. Binance Coin ascends 1.8% to trade around $263.86.
Approximately 9 months ago, SOL reached a significant high of $46.6 but has struggled to hold onto its gains and declined 60.08% since then. Solana is currently trading with a market cap of 7.47 billion with an average daily volume of 243.41 million.
