Solana reclaims $40 as buying volume jumps: Is the worst over?
Solana price analysis for June 25, 2022, comes on a bearish note for the SOL coin with increased chances of retaining the price action above the $40 price level in the near future. However, if the bulls fail to take over, we can expect to SOL to lose the $40 price level as well. Furthermore, in the last 24 hours, we have the prices of SOL increased by more than 5% which means that the token is still in demand among buyers. As noted in our SOL price analysis for June 24, 2022, if $40 is converted into a support level, investors can expect SOL to make a move towards $50.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 5.76% in the last 24 hours, followed by a 5.75% surge in the market cap. The Market Dominance of the Solana token rose to 1.48%, while the Volume / Market Cap Ratio stands at 0.1191.
The daily candle for Solana was initiated at a price of $41.91 and reached a daily high of $42.46. Furthermore, the daily low for SOL was seen at $40.70, while the price of 1 SOL at the time of writing was $41.11.
Solana price analysis from the daily chart for June 25
Solana price analysis for June 25, 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 bullish intensity of the MACD histogram continues to increase.
The RSI indicator for Solana reads a value below 53 confirming that the bulls are in charge of the price action of the SOL token.
The price action for Solana has broken into the bullish zone of the Bollinger Bands and investors can a bullish breakout in the near future.
Conclusion
Solana price analysis for June 25, 2022, ends on a bullish note for SOL with low but considerable chances of retaining $40.
