Solana trades at $22.61 after gaining $0.704 (3.22%).
Solana made an initial breakout above its 5 day Simple Moving Average at $22.95, a potential indicator of a newly emerging bullish phase. Despite this, Solana broke through the $22.55 resistance and climbed 6 cents above it.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts SOL to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the SOL is expected to pick up significant bullish sentiment in the coming days.
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. Tezos USD gained 4.29% and is now trading at $1.19. Having closed the previous session at $23,171, Bitcoin is up 2.39% today to currently trade at around $23,724.
SOL reached a significant high of $136.78 around 10 months ago but has lost 84% since then. Solana has a market cap of 8.56 billion with an average daily volume of 597 million.