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April 10, 2023
SOL rallies $0.633 (3.12%) deep into the session, trading at $20.93.
Following today's trading session, chart analysis suggests Solana could be slowing down soon as it approaches resistance at $20.83. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that SOL made an initial breakout above its 21 day Simple Moving Average at $20.82, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $21.31, thereby suggesting that SOL is becoming overvalued.
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 Bitcoin jumps 4.97% to trade around $29,733. FTX Token is up 9.54%. Having closed the previous session at $90.65, Litecoin is up 3.91% today to currently trade at around $94.19.
A year ago SOL reached a significant high of $109.8 but has consequently lost 81.51% since then. Solana is currently trading with a market cap of 8.12 billion with an average daily volume of 359.85 million.
