SOL trades at $23.95 after gaining $0.88 (3.82%).
Following today's trading session, chart analysis suggests Solana broke through the $24.21 resistance and climbed 26 cents above it. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Solana formed a session range of $22.43 to $24.34 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $23.86. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $23.17, thereby suggesting that SOL is becoming overvalued.
Notwithstanding Solana's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
SOL shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. NEAR Protocol ascends 7.88% to trade around $2.22.
At the same time, Ripple closed at $0.505 (down 2.48%).
Solana reached a significant high of $108.72 around 11 months ago but has lost 78.78% since then. Solana has a market cap of 9.38 billion with an average daily volume of 369.67 million.