Solana cryptocurrency trades up $0.363, approximately 1.57% higher this morning

Marginally higher but lacking a clear-cut direction, SOL is trading at $23.43 after ranging between $23.07 and $23.49 today.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $23, thereby suggesting that SOL is becoming overvalued. As the day gets underway, chart analysis suggests Solana could be slowing down soon; it is getting close to the resistance line and is now at $24.21, only 78 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, while Solana has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Other markets are also showing gains as FTX Token is up 9.54%. UNICORN Token USD moves up 1.62% to trade around $6.47.

Solana has fallen back around 78.78% from the significant high of $108.72 set 11 months ago. SOL has a market cap of 9.17 billion with an average daily volume of 369.67 million.