Solana remains bullish after an 11% price surge: A cheap buy?

Solana price analysis
Source: TradingView

Solana price analysis for June 20, 2022, comes on a bullish note for the token with increased chances of reclaiming the $40 price region which was lost earlier this month. It will be interesting to see if the bulls are able to make a move towards the $50 price region in the near future. As noted in our SOL price analysis for June 19, 2022, the token was able to form three consecutive bullish daily candles and today marks the 4th bullish candle for the SOL coin. However, at the time of writing, SOL is nearly 87% low from the all-time high of $260.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 6.31% in the last 24 hours, followed by an 11% surge in the market cap. The Market Dominance of the Solana token rose to 1.36%, while the Volume / Market Cap Ratio stands at 0.1611.

The daily candle for Solana was initiated at a price of $34 and reached a daily high of $36.9. Furthermore, the daily low for SOL was seen at $31.73, while the price of 1 SOL at the time of writing was $35.38. 

Solana price analysis from the daily chart for June 20

Solana price analysis for June 20, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains above the signal line and the bullish intensity of the MACD histogram is increasing.

The RSI indicator reads a value below 44 which confirms that the bears are being driven out of the market and investors can expect higher prices for Solana.

The price action for Solana is about to break out from the upper end of the Bollinger Bands indicating that the bulls are taking control.


Solana price analysis for June 20, 2022, ends on a bearish note for SOL with considerable chances of making a move towards $40.