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June 14, 2023
After closing at $15 today, SOL began today at $15 with significant bullish sentiment driving SOL's price action higher. So far today, price action has drawn out a distinct $14.96 to $15.27 range.
Chart analysis indicates Solana could be slowing down soon as it approaches resistance at $15.6. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, Solana made an initial breakout above its 5 day Simple Moving Average at $15.24, a potential indicator of a newly emerging bullish phase. According to momentum evaluation, the Relative Strength Index indicates Solana is in an oversold condition, which could precipitate a reversal and set up a new bullish phase.
Overall, the technical outlook suggests Solana is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. Binance Coin improves 2.8% to trade around $250.83.
Meanwhile, TRON trades close to $0.072, with no major change.
Approximately 10 months ago, Solana reached a significant high of $46.6 but has struggled to hold onto its gains and declined 67.78% since then. Solana is currently trading with a market cap of 6 billion with an average daily volume of 352.11 million.
