Solana retains $40: Bullish rally to follow?
Solana price analysis for May 29, 2022, comes on a bearish note for the token with increased chances of retesting the $40 price region and in the last 24 hours, we have seen SOL rise in value by nearly 4%. However, the bullish potential of the token is gradually decreasing as we have seen a significant decrease in the trading volume of the token in the last 24 hours as well. As noted in our SOL price analysis for May 28, 2022, the token has major support at the $40 price region which needs to hold or we might see the token drop to the $30s.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 43.16% in the last 24 hours, followed by a 3.57% surge in the market cap. The Market Dominance of the Solana token rose to 1.21%, while the Volume / Market Cap Ratio stands at 0.08308.
The daily candle for Solana was initiated at a price of $44.24 and reached a daily high of $44.41. Furthermore, the daily low for SOL was seen at $42.14, while the price of 1 SOL at the time of writing was $42.42.
Solana price analysis from the daily chart for May 29
Solana price analysis for May 29, 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 indicating that the chances of a bearish divergence in the near future cannot be ruled out.
The RSI indicator reads a value below 34 which confirms bearishness for Solana price action.
The price action for Solana is situated in the lower end of the Bollinger Bands with considerable chances of a bearish breakout.
Conclusion
Solana price analysis for May 29, 2022, comes on a bearish note for the SOL token with low chances of retaining $40 in the near future.
