After closing at $13.18 today, Solana began today at $13.18 with significant bullish sentiment driving Solana's price action higher. So far today, price action has drawn out a distinct $12.3 to $14.82 range.
Solana could be slowing down soon; it is getting close to the resistance line and is now at $14.56, only 7 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. In contrast, price action overcame a known Fibonacci resistance level at $14.03 by around $0.6 with prices hammering out a $12.3 – $14.82 session range.
SOL is likely to reverse course and start pointing downward in the short term.
Solana shows positive signs, other assets are also on par: having closed the previous session at $0.892, MaticNetwork USD is up 6.78% today to currently trade at around $0.952. Having closed the previous session at $99.81, Bitcoin Cash is up 3.67% today to currently trade at around $103.47. Bitcoin gained 2.63% and is currently trading at $16,800.
Since its 52-week high of $241.83, Solana has lost 94.54% over the last twelve months. Solana has a market cap of 5.30 billion with an average daily volume of 212.84 million.