Solana price analysis for July 17, 2022, comes on a bullish note for the SOL coin after an 8% price surge in the last 24 hours. Furthermore, it is also important to note that the token has a major resistance at the $40 price level which the has been reclaimed. If the bulls are successful in retaining prices above this $40 price resistance region, investors can witness new highs in the coming days and SOL might make a move to take over the $50 price region. The token has shown promosing growth despite a lawsuit going on against the founder and institutional backers of the project.
As noted in our SOL price analysis for July 16, 2022, there are considerable chances of the token making higher highs in the coming days as $40 resistance has been reclaimed. The nearest support for the token lies at the $30 price level.
The data from CoinMarketCap shows that the trading volume for SOL surged by 2.68% in the last 24 hours, followed by a 7.69% surge in the market cap. The Market Dominance of the Solana token rose to 1.43%, while the Volume / Market Cap Ratio stands at 0.08858.
The daily candle for Solana was initiated at a price of $39.59 and reached a daily high of $40.49. Furthermore, the daily low for SOL was seen at $39.28, while the price of 1 SOL at the time of writing was $40.19.
Solana price analysis for July 17, 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 58 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 17, 2022, ends on a sluggish note for SOL with considerable chances of retaining $40.
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