Solana nears $40: Buy now for higher prices?
Solana price analysis for June 24, 2022, comes on a bullish note for the SOL token as we have seen the prices surge by nearly 5% in the last 24 hours. In the same time period, we saw SOL retain prices above the $35 price level while finding a strong buying pressure at the $30 price region. Furthermore, as noted in our SOL price analysis for June 23, 2022, the token might be able to reclaim higher prices if the $40 price level is reclaimed and SOL makes a move towards $50. Currently, the token is significantly down from the all-time high of $260.
The data from CoinMarketCap shows that the trading volume for SOL rose by 19.00% in the last 24 hours, followed by a 5.41% surge in the market cap. The Market Dominance of the Solana token rose to 1.41%, while the Volume / Market Cap Ratio stands at 0.135.
The daily candle for Solana was initiated at a price of $38.15 and reached a daily high of $39.60. Furthermore, the daily low for SOL was seen at $37.67, while the price of 1 SOL at the time of writing was $38.12.
Solana price analysis from the daily chart for June 24
Solana price analysis for June 24, 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 and the MACD histogram remains bullish for the Solana (SOL) token.
The RSI indicator for Solana reads a value below 49, hinting that the bulls are not giving up and are about to take over the price action of the SOL token.
The price action for Solana has broken above the middle zone of the Bollinger Bands and investors can expect higher prices if buyers remain in control of the prices.
Conclusion
Solana price analysis for June 24, 2022, ends on a bullish note for SOL with high chances of reclaiming $40.
