After closing at $21.81 today, SOL began today at $21.81 with significant bullish sentiment driving SOL's price action higher. So far today, price action has drawn out a distinct $21.55 to $22.19 range.
Solana made an initial breakout above its 5 day Simple Moving Average at $21.85, a potential indicator of a newly emerging bullish phase. On the other hand, note that after reaching the known resistance zone beginning at $22, Solana price action retreated approximately 4 cents.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Solana 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: FTX Token gained 9.54% and is now trading at $1.36.
Meanwhile, after ending today's session at $0.472, Ripple lost $0.004 and is trading around $0.468. Cardano closed at $0.391 (down 1.15%).
11 months ago Solana reached a significant high of $101.26 but has consequently lost 78.47% since then. Solana is currently trading with a market cap of 8.66 billion with an average daily volume of 512.63 million.