Solana forms 5th bullish daily candle, retains 9th position in the market

Solana price analysis
Source: TradingView

Solana price analysis for June 21, 2022, comes on a bullish note for the token as we have seen a price surge of more than 5% in the last 24 hours. It seems that the SOL coin has a major support level at the $30 price level and investors can expect the token to make higher highs in the coming days if SOL bulls remain in control. Also, as noted in our SOL price analysis for June 20, 2022, the token aims to reclaim the $40 price level in the near future as well. If $30 retains as a support region and SOL reclaims $40 as well, we can also expect SOL to break $50 in the coming days.

The data from CoinMarketCap shows that the trading volume for SOL surged by 7.45% in the last 24 hours, followed by an 7.45% surge in the market cap. The Market Dominance of the Solana token rose to 1.39%, while the Volume / Market Cap Ratio stands at 0.1603.

The daily candle for Solana was initiated at a price of $35.25 and reached a daily high of $38.55. Furthermore, the daily low for SOL was seen at $34.20, while the price of 1 SOL at the time of writing was $37.88. 

Solana price analysis from the daily chart for June 21

Solana price analysis for June 21, 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 remains above the signal line and the bulls remain in charge.

The RSI indicator reads a value below 48 which confirms that the bulls are taking over the price action and the gradient of the line suggests that higher prices will follow.

The price action for Solana has broken out from the upper end of the Bollinger Bands confirming that bulls are in control.

Conclusion

Solana price analysis for June 21, 2022, ends on a bullish note for SOL with considerable chances of reclaiming $40.

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