Solana breaks above $40 as bears are being driven out of the market
Solana price analysis for June 6, 2022, comes on a bullish note for the SOL coin as prices have surged by more than 9% in the last 24 hours and we can expect SOL to move higher in the coming days. Additionally, as noted in our SOL price analysis for June 5, 2022, the token lost the important price level of $40 and failed to reclaim it multiple times. However, the bulls are now back and SOL was able to reclaim $40 after a 9% price surge. If the prices hold above $40, we can expect SOL to retest the $50 price level but in order to break it, intense buying pressure is needed.
The data from CoinMarketCap shows that the trading volume for SOL surged by 28.16% in the last 24 hours, followed by a 9.29% surge in the market cap. The Market Dominance of the Solana token rose to 1.11%, while the Volume / Market Cap Ratio stands at 0.08701.
The daily candle for Solana was initiated at a price of $38.53 and reached a daily high of $41.93. Furthermore, the daily low for SOL was seen at $38.33, while the price of 1 SOL at the time of writing was $41.81.
Solana price analysis from the daily chart for June 6
Solana price analysis for June 6, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.
Source: TradingView
The MACD indicator shows that the MACD line is above the signal line but the two are about to witness a bearish divergence.
The RSI indicator reads a value below 32 which confirms that the bears are now gaining strength and the gradient of the line suggests that lower prices are possible.
The price action for Solana is situated at the lower end of the Bollinger Bands and we can expect a bearish breakout from the same.
Conclusion
Solana price analysis for June 6, 2022, ends on a bullish note for SOL with increased chances of making a move towards $50.
