Shiba Inu Rebounds to $0.000006 After Solana Listing

Shiba Inu (SHIB) has rebounded strongly after being listed on Solana, pushing its price to around $0.000006. This development has added another trading route for the meme-linked token, which has been under pressure recently.

The rebound has reached the upper edge of the narrowing consolidation range, which has formed after a series of lower highs and higher lows. The range is bounded by the $0.00000591-$0.00000600 resistance area, with the 0.236 Fibonacci retracement at $0.0000059 also nearby.

Buyers have stepped in earlier to cap rebounds, but the recent pullbacks have been stopped at higher levels, indicating a potential pennant formation. The Relative Strength Index (RSI) has also shown positive momentum without an overbought reading, supporting the rebound.

However, the price still needs to break above the resistance area and close above it to give the move more substance. A rejection near resistance would return attention to the triangle's rising edge and the 0.382 retracement, while a move above $0.000006 that survives a later pullback would show buyers maintaining higher prices beyond the current range.