SOL is rallying again to $14.4 (up $0.359), after erasing earlier gains.
After reaching the known resistance zone beginning at $14.45, Solana price action retreated approximately 5 cents. Despite posting gains so far today, Solana slid below its 3 day Simple Moving Average at $14.32 in earlier trade — an early indicator that a negative trend could be emerging. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest SOL is set for a reversal in the coming days.
Other markets are also showing gains as Binance Coin rises 4.73% to trade around $314.81. Having closed the previous session at $6.84, Chainlink USD is up 5.28% today to currently trade at around $7.2. Having closed the previous session at $74.05, Litecoin is up 3.51% today to currently trade at around $76.65.
SOL reached a significant high of $234 around 11 months ago but has lost 94% since then. SOL is currently trading with a market cap of 5.23 billion with an average daily volume of 211 million.