Solana holding price action above $35: Retest of $30 possible

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Solana price analysis for June 22, 2022, comes on a bearish note for the SOL coin as investors have witnessed the token drop by more than 6.5% in the last 24 hours. It is also important to note that investors can expect the SOL token to lose the $35 price region if the bulls don’t take over soon. As noted in our SOL price analysis for June 21, 2022, the bulls tried to breach the $40 price region and make a move toward the $50 price level. Furthermore, SOL has formed a bearish daily candle today after forming 5 consecutive bullish daily candles.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 19.89% in the last 24 hours, followed by a 6.68% drop in the market cap. The Market Dominance of the Solana token dropped to 1.35%, while the Volume / Market Cap Ratio stands at 0.1297.

The daily candle for Solana was initiated at a price of $36.42 and reached a daily high of $36.73. Furthermore, the daily low for SOL was seen at $33.65, while the price of 1 SOL at the time of writing was $35.83. 

Solana price analysis from the daily chart for June 22

Solana price analysis for June 22, 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 while the MACD histogram remains green.

The RSI indicator for Solana reads a value below 45 which confirms that the bulls are still struggling to overcome the selling pressure in the crypto market.

The price action for Solana is retesting the middle zone of the Bollinger Bands which means that there is a possibility of SOL dropping back to the bearish region of the Bands.

Conclusion

Solana price analysis for June 22, 2022, ends on a bearish note for SOL with high chances of retesting $30.

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