Solana price analysis for July 16, 2022, comes on a sluggish note for the SOL token as it continues to retain its position among the top 10 biggest cryptocurrencies in the market. In the last 24 hours, we have seen the token surge by 0.18% which confirms that the trading volume for the token is very low and investors might see some back and forth action in the near future. Additionally, there is a strong resistance for the token beyond $40 which currently remains in place. If this is broken, we can expect SOL to make a move towards $50.
Furthermore, as noted in our SOL price analysis for July 16, 2022, there are considerable chances of the token retaking the $40 price region provided the $30 price support is not broken and the buyers take control of the price action.
The data from CoinMarketCap shows that the trading volume for SOL surged by 9.93% in the last 24 hours, followed by a 0.18% surge in the market cap. The Market Dominance of the Solana token dropped to 1.38%, while the Volume / Market Cap Ratio stands at 0.09177.
The daily candle for Solana was initiated at a price of $37.36 and reached a daily high of $37.53. Furthermore, the daily low for SOL was seen at $36.74, while the price of 1 SOL at the time of writing was $37.20.
Solana price analysis for July 16, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line and the signal line are nearly overlapping but the MACD histogram remains bullish.
The RSI indicator for Solana reads a value below 52 which means that bulls are overall in control.
The price action for Solana is now situated in the bullish zone of the Bollinger Bands.
Solana price analysis for July 16, 2022, ends on a sluggish note for SOL with considerable chances of retesting $40.
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