Conclusion
Solana price analysis for July 23, 2022, ends on a bullish note for SOL with increased chances of the cryptocurrency breaking $45.
Solana price analysis for July 23, 2022, comes on a bearish note for the SOL token as we can confirm that the chances of it making higher highs are not very likely because the buying volume is not very high. Furthermore, in the last 24 hours, we saw SOL drop by nearly 4%, which suggests that the cryptocurrency might drop further as well. Additionally, we can also confirm that the token is significantly down from its all-time high, which was noted last year in the month of November.
As noted in our SOL price analysis for July 22, 2022, the token was able to reach as high as $43 but failed to make a move to $50 which is another major region of resistance for the Solana token.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 14.61% in the last 24 hours, followed by a 4% drop in the market cap. The Market Dominance of the Solana token dropped to 1.37%, while the Volume / Market Cap Ratio stands at 0.105.
The daily candle for Solana was initiated at a price of $40.54 and reached a daily high of $41.49. Furthermore, the daily low for SOL was seen at $40.10, while the price of 1 SOL at the time of writing was $41.17.
Solana price analysis from the daily chart for July 23
Solana price analysis for July 23, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line and the signal line are nearly overlapping as Solana continues to retain 9th position in the market.
The RSI indicator reads a value below 55 as the bears are gradually gaining power over the price action of SOL.
The price action for Solana is situated in the bullish region of the Bollinger Bands but there are strong chances of SOL retesting the middle zone soon.
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