Solana price analysis for July 08, 2022, comes on a slightly bullish note for one of the most prominent cryptocurrencies in the market. It is important to note that the SOL coin surged by nearly 2% in the last 24 hours, and it seems that there is a strong selling pressure towards the $40 price level; hence, the token has failed to breach this price level. It will be interesting to see if the SOL token is able to reclaim the $40 price level and make a move towards the $50 price region.
As noted in our SOL price analysis for July 7, 2022, there are considerable chances of the SOL token retesting the $30 price region as the buying pressure has dropped down the last 24 hours and indicators hint that the sellers are gradually taking charge.
The data from CoinMarketCap shows that the trading volume for SOL surged by 4.92% in the last 24 hours, followed by a 2.57% surge in the market cap. The Market Dominance of the Solana token dropped to 1.34%, while the Volume / Market Cap Ratio stands at 0.101.
The daily candle for Solana was initiated at a price of $38.46 and reached a daily high of $39.72. Furthermore, the daily low for SOL was seen at $37.17, while the price of 1 SOL at the time of writing was $37.65.
Solana price analysis for July 8, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD indicator shows that the MACD line and the signal line are very close as sluggish movement prevails.
The RSI indicator for Solana reads a value below 51 which means that bulls and bears are evenly matched.
The price action for Solana is retesting the middle zone of the Bollinger Bands, and a drop into the bearish region is likely.
Solana price analysis for July 8, 2022, ends on a slightly bullish note for SOL with considerable chances of retesting $30.
BlockchainFX is the world’s first crypto exchange connecting traditional finance with blockchain. Join the $BFX presale today and secure your chance for 100x gains!
Join Now