Solana forms third bullish daily candle: Trend reversal incoming?
Solana price analysis for June 19, 2022, comes on a bullish for the token with increased chances of retaining the price action above the $30 price region in the near future. Additionally, in the last 24 hours, we have seen SOL surge by nearly 9%. As noted in our SOL price analysis for June 18, 2022, the coin has major support around the $30 price region but the bears have tried to push the prices below this region, but it seems that they were not successful. The token has dropped sharply in the last 30 days and the entire crypto market is witnessing a bearish trend.
The data from CoinMarketCap shows that the trading volume for SOL surged by 51.61% in the last 24 hours, followed by an 8.34% surge in the market cap. The Market Dominance of the Solana token rose to 1.28%, while the Volume / Market Cap Ratio stands at 0.1857.
The daily candle for Solana was initiated at a price of $32.01 and reached a daily high of $33. Furthermore, the daily low for SOL was seen at $28.68, while the price of 1 SOL at the time of writing was $32.66.
Solana price analysis from the daily chart for June 19
Solana price analysis for June 19, 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 remains above the signal line and the MACD histogram remains bullish.
The RSI indicator reads a value below 39 which confirms that bulls aim to take over the price action and the gradient of the line suggests that lower prices are possible.
The price action for Solana is situated in the lower region of the Bollinger Bands indicating that bears are in control.
Conclusion
Solana price analysis for June 19, 2022, ends on a bearish note for SOL with considerable chances of retaining the $30 price level.
