Solana cryptocurrency trades up $0.375, approximately 2.59% higher this afternoon

Small gain for SOL at $14.83 after ranging between $14.45 and $14.94 today.

Support/Resistance levels obtained from chart analysis indicate that although Solana is appreciating today after rising as high as $14.94, price action is now slowing and consolidating around 24 cents below the $15.08 resistance level. Trend and momentum analysis indicates that Solana made an initial breakout above its 3 day Simple Moving Average at 15, 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.

All in all, the technical analysis suggests SOL has no clear-cut direction.

Other markets are also showing gains as FTX Token soars 9.54% to trade around $1.36.

At the same time, Cardano slips 2.57% to trade around $0.256. Polkadot is down to $4.41, losing $0.153, after closing at $4.56 in the preceding trading session.

SOL is now trading 68.97% below the significant high of $46.6 it set around 10 months ago. Solana has a market cap of 5.92 billion with an average daily volume of 351.17 million.