Solana nears $40: Will SOL hold here or fall further?
Solana price analysis for June 7, 2022, comes on a bullish note for the token as SOL rose by more than 3% in the last 24 hours. It can be expected that SOL might bulls might give it their all to hold price action above the $40 price region. In the last 24 hours, the bulls came back to push SOL above the $40 price level which is a region of support for the token. As noted in our SOL price analysis for June 6, 2022, the token went as high as $42 but failed to make a move towards $45. There is a major resistance level towards the $50 price region.
The data from CoinMarketCap shows that the trading volume for SOL surged by 96.19% in the last 24 hours, followed by a 7.31% surge in the market cap. The Market Dominance of the Solana token rests at 1.11%, while the Volume / Market Cap Ratio stands at 0.139.
The daily candle for Solana was initiated at a price of $42.39 and reached a daily high of $42.80. Furthermore, the daily low for SOL was seen at $40.11, while the price of 1 SOL at the time of writing was $40.11.
Solana price analysis from the daily chart for June 7
Solana price analysis for June 7, 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 is above the signal line but the two lines are very close to each other and we might see a bearish divergence soon.
The RSI indicator reads a value below 37 which confirms that the sellers are still in charge of the price action of Solana.
The price action for Solana is situated at the lower end of the Bollinger Bands after failing to break above the middle zone of the Bands.
Conclusion
Solana price analysis for June 7, 2022, ends on a bullish note for SOL but it is imperative to hold price action above $40 to confirm signs of higher prices.
