Solana aims to hold above this price region after 6 bearish daily candles

Solana price analysis
Source: TradingView

Solana price analysis for July 1, 2022, comes on a bearish note for the SOL coin as we can confirm that bears continue to dominate the price action of the token. Additionally, as noted in our SOL price analysis for June 30, 2022, the SOL token lost the $40 price level and gave its all to retain the $30 price region which is an area of major support for the token. However, it is also important to note that the SOL token needs to hold above $30 or we can expect the coin to drop to lower $20s in the near future.

The data from CoinMarketCap shows that the trading volume for SOL surged by 9.57% in the last 24 hours, followed by a 1.59% surge in the market cap. The Market Dominance of the Solana token rests at 1.26%, while the Volume / Market Cap Ratio stands at 0.1377.

The daily candle for Solana was initiated at a price of $33.76 and reached a daily high of $35.40. Furthermore, the daily low for SOL was seen at $31.82, while the price of 1 SOL at the time of writing was $32.47. 

Solana price analysis from the daily chart for July 1

Solana price analysis for July 1, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line and the possibility of bearish divergence in the coming days is very high.

The RSI indicator for Solana reads a value below 41 which means that the SOL bulls are giving it their all to HODL above $30.

The price action for Solana has dropped to the bearish zone of the Bollinger Bands which confirms that a bearish breakout might follow.

Conclusion

Solana price analysis for July 1, 2022, ends on a bearish note for SOL with high chances of losing $30 in the coming days.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.