Solana might aim for $50 soon if SOL continue to hold prices above $40
Solana price analysis for June 27, 2022, comes on a sluggish note for the token as we can currently see that there are increased chances of SOL retaining prices above the $40 price level. However, the buying pressure is still not high enough for the SOL coin to breach the $50 price level. Although, if $40 holds as support, investors can expect higher prices as well and a move towards $50 is possible. As noted in our SOL price analysis for June 26, 2022, the crypto market still lacks volume due to the prevailing crypto winter, and hence, we cannot expect SOL to break into an uptrend in the near future.
The data from CoinMarketCap shows that the trading volume for SOL surged by 8.11% in the last 24 hours, followed by a 0.25% surge in the market cap. The Market Dominance of the Solana token dropped to 1.46%, while the Volume / Market Cap Ratio stands at 0.08721.
The daily candle for Solana was initiated at a price of $39.39 and reached a daily high of $41.25. Furthermore, the daily low for SOL was seen at $38.91, while the price of 1 SOL at the time of writing was $40.86.
Solana price analysis from the daily chart for June 27
Solana price analysis for June 27, 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 while the MACD histogram remains bullish for Solana.
The RSI indicator for Solana reads a value below 53 which confirms that bulls are overall in charge of the price action while the gradient of the line suggests that higher prices might follow.
The price action for Solana broke into the bullish zone of the Bollinger Bands but failed to break out of the same.
Conclusion
Solana price analysis for June 27, 2022, ends on a bullish note for SOL with high chances of retaining the $40 in the near future.
