Solana price analysis for June 5, 2022, comes on a bullish note for the SOL token as we have seen a price surge of more than 4% in the last 24 hours and higher prices can be expected for the token if the bulls continue to maintain their dominance over the token. It is possible that SOL might break the $40 price level in the coming hours if the buying volume jumps. However, as noted in our SOL price analysis for June 4, 2022, the token had a major resistance beyond the $40 price level which the token failed to hold.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 39.21% in the last 24 hours, followed by a 4.72% surge in the market cap. The Market Dominance of the Solana token rose to 1.08%, while the Volume / Market Cap Ratio stands at 0.06993.
The daily candle for Solana was initiated at a price of $39.02 and reached a daily high of $39.47. Furthermore, the daily low for SOL was seen at $37.85, while the price of 1 SOL at the time of writing was $38.05.Â
Solana price analysis from the daily chart for June 5
Solana price analysis for June 5, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.
The MACD indicator shows that the MACD line is above the signal line but the two are about to witness a bearish divergence.
The RSI indicator reads a value below 32 which confirms that the bears are now gaining strength and the gradient of the line suggests that lower prices are possible.
The price action for Solana is situated at the lower end of the Bollinger Bands and we can expect a bearish breakout from the same.
Conclusion
Solana price analysis for June 5, 2022, ends on a bullish note for the SOL token with increased chances of breaking $40.
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