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June 13, 2023Currently trading at $15.45, SOL remains range-bound between $15.06 and $15.48.
Technical analysis trend indicators suggest 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. Momentum evaluation shows that the Relative Strength Index indicates Solana is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Solana's lower Bollinger Band® is at $14.31, indicating that the market is oversold and fertile for new buyers. As the trading day commences, technical analysis suggests Solana is 1 cents away from testing key resistance at $15.46. Peaking above this level could inspire market bulls and open the path to further gains.
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%. Tezos USD ascends 3.09% to trade around $0.744. Having closed the previous session at $231.07, Binance Coin is up 1.58% today to currently trade at around $234.73.
SOL has fallen back around 67.43% over the past 9 months, from a notable high of $46.6. Solana has a market cap of 6.17 billion with an average daily volume of 349.14 million.
