Solana remains sluggish: Indicators reveal that a crash might be incoming

Solana price analysis
Source: TradingView

Solana price analysis for July 4, 2022, comes on a bearish note for the SOL coin as we can confirm that the token continues to retain price action above the 30 price support which has not been broken for a number of weeks. Furthermore, investors also need to note that SOL might have a hard time in reclaiming the $40 price level in the near future as the trading volume for the token remains low. As noted in our SOL price analysis for July 3, 2022, if SOL loses $30 in the coming days, we can expect SOL to make a  move towards lower $20s, and therefore, investors are advised to wait before investing their money into the SOL coin.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 16.82% in the last 24 hours, followed by a 0.87% surge in the market cap. The Market Dominance of the Solana token rose to 1.31%, while the Volume / Market Cap Ratio stands at 0.05109.

The daily candle for Solana was initiated at a price of $33.40 and reached a daily high of $33.87. Furthermore, the daily low for SOL was seen at $32.45, while the price of 1 SOL at the time of writing was $33.01. 

Solana price analysis from the daily chart for July 4

Solana price analysis for July 4, 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 is touching the signal line and it can be confirmed that BTC is about to witness a bearish divergence if it loses $19K.

The RSI indicator for Solana reads a value below 42 which confirms that the Solana bulls and the bears are at a war with each other.

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 4, 2022, ends on a bearish note for SOL with increased chances of retaining $30 in the near future.

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