Solana price analysis for July 9, 2022, comes on a sluggish note for the SOL coin as we can see that the token has been trying to enter the $40 price level which is a major resistance zone for the bulls and investors can expect the token to make higher highs in the coming days if this price region is broken and SOL makes a move toward $50. Additionally, we can also confirm that the SOL token has seen increased buyers’ support towards the $30 price level and the token has been holding strong above this price level.
As noted in our SOL price analysis for July 8, 2022, there has been increased pressure from the bears in the market as of late but the token was able to rise above $35. Traders are advised to wait and see if SOL breaks $40 before trading.
The data from CoinMarketCap shows that the trading volume for SOL surged by 16.97% in the last 24 hours, followed by a 0.55% surge in the market cap. The Market Dominance of the Solana token rose to 1.39%, while the Volume / Market Cap Ratio stands at 0.109.
The daily candle for Solana was initiated at a price of $38.12 and reached a daily high of $38.83. Furthermore, the daily low for SOL was seen at $38.05, while the price of 1 SOL at the time of writing was $38.48.
Solana price analysis for July 9, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD indicator shows that the MACD line and the signal line are very close as sluggish movement continues.
The RSI indicator for Solana reads a value below 53 which means that bulls are in control.
The price action for Solana is situated in the bullish zone of the Bollinger Bands, and we can expect higher prices if volume surges.
Solana price analysis for July 9, 2022, ends on a slightly bearish note for SOL with considerable chances of retesting $30.
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