Solana price analysis for June 3, 2022, comes on a bullish note for the token as there are increased chances of retaining the $40 price region which has acted as major support for the token in the last 24 hours. Additionally, we have also seen in our SOL price analysis for June 2, 2022, that the token has a major resistance toward the $50 price region and it seems that the volume is not enough to breach this price level. However, it is also important to note that below $40, there is major support for the SOL token.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 6.63% in the last 24 hours, followed by a 4.37% surge in the market cap. The Market Dominance of the Solana token rose to 1.1%, while the Volume / Market Cap Ratio stands at 0.1026.
The daily candle for Solana was initiated at a price of $40.86 and reached a daily high of $41.54. Furthermore, the daily low for SOL was seen at $40.43, while the price of 1 SOL at the time of writing was $40.77.
Solana price analysis from the daily chart for June 3
Solana price analysis for June 3, 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 now coming closer which means that a bearish divergence is possible while the intensity of the MACD histogram is decreasing.
The RSI indicator reads a value below 34 which confirms that bears are still in overall control of the crypto market.
The price action for Solana is situated at the lower end of the Bollinger Bands and a bearish breakout of prices might happen in the near future.
Conclusion
Solana price analysis for June 3, 2022, ends on a bullish note for the SOL token with very high chances of retaining $40.
