Solana trades at $31.83 after gaining $1.1 (3.58%).
Technical analysis trend indicators suggest that Solana made an initial breakout above its 50 day Simple Moving Average at $31.78, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $31.31 by around $0.511 with prices hammering out a $30.68 – $32.12 session range. According to asset volatility analysis, SOL's upper Bollinger Band® is at $33.9, this is a slight indication of a slowdown. Technical chart analysis shows Solana is 70 cents away from testing key resistance at $32.52. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding Solana's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Solana shows positive signs, other assets are also on par: having closed the previous session at $0.873, MaticNetwork USD is up 9.21% today to currently trade at around $0.953. Having closed the previous session at $7.42, Chainlink USD is up 5.64% today to currently trade at around $7.84. Having closed the previous session at $113.44, Bitcoin Cash is up 3.73% today to currently trade at around $117.68.
Solana is now trading 88.13% below the significant high of $258.93 it set around 11 months ago. Solana has a market cap of 11.44 billion with an average daily volume of 84.52 million.