SOL is now trading at $25.14 after tracing out a steady $24.77 – $25.97 range today.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Japanese candlestick formations show when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. According to asset volatility analysis, SOL's upper Bollinger Band® is at $26.43, suggesting that a downward move may follow. Following today's trading session, chart analysis suggests SOL is approaching key support, around $1.88 away from $23.26. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates Solana will remain range-bound for the immediate future.
While Solana is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $0, UNICORN Token USD is up 2,777,159% today to currently trade at around $7.32. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Binance Coin is up 3.98% to $330.16.
This year has been a bright one for SOL after trading as low as $9.64 and going on to appreciate by 150.31% year to date. Solana is currently trading with a market cap of 9.36 billion with an average daily volume of 250.31 million.