Small gain for SOL at $16.53 after ranging between $15.79 and $16.79 today.
Despite posting gains so far today, Solana slid below its 3 day Simple Moving Average at $16.27 in earlier trade — an early indicator that a negative trend could be emerging. Solana's upper Bollinger Band® is at $17.29, this is a slight indication of a slowdown. Solana price action is currently oscillating around the $16.88 resistance level with prices moving above and below several times during the session.
Technical analysis of SOL price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
SOL shows positive signs, other assets are also on par: UNICORN Token USD is up 1,173,319%. Bitcoin Cash is up 11.32%. Bitcoin is up 5.83%.
This year has been a bright one for Solana after trading as low as $9.64 and going on to appreciate by 64.03% year to date. Solana is currently trading with a market cap of 6.12 billion with an average daily volume of 128.30 million.