Solana remains above $30: Things you need to know before investing
Solana price analysis for July 3, 2022, comes on a bearish note for the SOL coin and we can confirm that the price action is sluggish for the token as it continues to retain the $30 price region as support. It will be interesting to see if SOL is capable of breaking into an uptrend in the short term. As noted in our SOL price analysis for July 3, 2022, the token tried to break into an uptrend by reclaiming the $35 price level and making a move towards $40 but failed to successfully do so due to excessive pressure being generated by the sellers in the market.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 33.99% in the last 24 hours, followed by a 0.78% surge in the market cap. The Market Dominance of the Solana token rose to 1.30%, while the Volume / Market Cap Ratio stands at 0.06238.
The daily candle for Solana was initiated at a price of $33.36 and reached a daily high of $33.77. Furthermore, the daily low for SOL was seen at $32.32, while the price of 1 SOL at the time of writing was $32.79.
Solana price analysis from the daily chart for July 3
Solana price analysis for July 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 touching the signal line and a bearish divergence is almost bound to happen.
The RSI indicator for Solana reads a value below 41 which confirms that the overall Solana price action is dominated by the bears in the market.
The price action for Solana is situated in the bearish zone of the Bollinger Bands which means that lower prices will follow in the coming days.
Conclusion
Solana price analysis for July 3, 2022, ends on a bearish note for SOL with increased chances of losing $30 in the near future.
