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May 23, 2023Solana dropped to $19.45, hitting its lowest point in 8 weeks and a half. It later recovered $0.375 and is now trading at $19.83.
Solana made an initial breakout above its 5 day Simple Moving Average at $20.19, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $20.04 currently serving as resistance Solana's lower Bollinger Band® is at $19.15, indicating that the market is oversold and fertile for new buyers. Despite this, SOL broke through the $20 resistance and climbed 16 cents above it.
With all probabilities considered, today's gains in Solana have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. Having closed the previous session at $26,854, Bitcoin is up 1.7% today to currently trade at around $27,300.
At the same time, UNICORN Token USD is trading around $6.43 (down $0.197).
Having set a significant high of $49.71 a year ago, SOL is trading 60.67% lower. Solana has a market cap of 7.85 billion with an average daily volume of 299.17 million.
