Solana jumps nearly 7%: A retest of $40 possible

Solana price analysis
Source: TradingView

Solana price analysis for June 23, 2022, comes on a bullish note for the token as we have seen a price surge of more than 7% in the last 24 hours. Investors can expect SOL to continue its bullish path and retest the $40 price region in the near future. Furthermore, as noted in our SOL price analysis for June 22, 2022, if the SOL coin successfully reclaims the $40 price level, we can expect the token finally make a move towards the $50 level as well. However, at the time of writing, the token has been able to retain prices above the $35 price level with the nearest support being the $30 price level.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 9.72% in the last 24 hours, followed by a 6.40% surge in the market cap. The Market Dominance of the Solana token rose to 1.37%, while the Volume / Market Cap Ratio stands at 0.1173.

The daily candle for Solana was initiated at a price of $34.13 and reached a daily high of $36.75. Furthermore, the daily low for SOL was seen at $33.91, while the price of 1 SOL at the time of writing was $36.65. 

Solana price analysis from the daily chart for June 23

Solana price analysis for June 23, 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 as the bulls remain in control of the price action.

The RSI indicator for Solana reads a value below 47 which confirms that the bulls are about to take control of the price action.

The price action for Solana is retesting the middle zone of the Bollinger Bands and investors can expect higher prices if conditions remain the same.

Conclusion

Solana price analysis for June 23, 2022, ends on a bearish note for SOL with high chances of making a move toward $40.

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