Solana price analysis for May 30, 2022, comes on a bullish note for the token as we have seen an 8% surge in prices in the last 24 hours. Furthermore, it seems that the chances of higher prices in the coming days are quite high. As noted in our SOL price analysis for May 29, 2022, there is strong support for the token below the $40 price region it currently holds. We can expect the token to make a move towards the $50 price region in the next 24 hours but increased volume is needed for breaking this region of strong resistance.
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 30
Solana price analysis for May 30, 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 moving away from the signal line which means that there is an increased possibility of higher prices.
The RSI indicator reads a value below 37 which confirms that the bulls aim to take over the price action of Solana. The gradient of the line suggests higher prices.
The price action for Solana is situated in the lower end of the Bollinger Bands but we might see SOL break into the bullish region soon.
Conclusion
Solana price analysis for May 30, 2022, comes on a bullish note for the SOL token with high chances of retesting $50 in the near future.
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