Solana price analysis for July 15, 2022, comes on a bullish note for the SOL token as we can confirm that the prices have jumped by more than 6% in the last 24 hours and investors might see the SOL token break the $40 price level in the near future if the bulls continue to remain in charge of the SOL price action. Furthermore, it is important to note that the SOL price action has a major resistance beyond the $40 price level and the trading volume is not enough for SOL to breach $40 and retain prices there. Hence, buyers need to pick the pace up.
As noted in our SOL price analysis for July 14, 2022, the nearest resistance for the token stands at the $30 price support which has held for now and prices haven’t fallen below it.
The data from CoinMarketCap shows that the trading volume for SOL surged by 0.75% in the last 24 hours, followed by a 6.4% surge in the market cap. The Market Dominance of the Solana token rose to 1.39%, while the Volume / Market Cap Ratio stands at 0.1029.
The daily candle for Solana was initiated at a price of $34.94 and reached a daily high of $37.71. Furthermore, the daily low for SOL was seen at $33.58, while the price of 1 SOL at the time of writing was $37.09.
Solana price analysis for July 15, 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 and the chances of a bearish divergence are still high.
The RSI indicator for Solana reads a value below 52 which means that bulls are now in control.
The price action for Solana is aiming to retest the middle zone of the Bollinger Bands and is nearly successful.
Conclusion
Solana price analysis for July 15, 2022, ends on a bullish note for SOL with considerable chances of retesting $40.
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