Solana retains price action above $40 with a 2% surge
Solana price analysis for May 31, 2022, comes on a slightly bullish note for the token with increased chances of retaining the $40 price region and making a move towards the $50 price level in the coming days. Additionally, in the last 24 hours, we have seen SOL jump 2% in prices and it seems that another surge in price is also possible. Furthermore, SOL price analysis for May 30, 2022, confirmed that the token has major support at the $40 price region which currently holds strong. We can expect SOL to breach the $50 price region in the coming days if bulls remain in control.
The data from CoinMarketCap shows that the trading volume for SOL jumped by 16.63% in the last 24 hours, followed by a 1.98% surge in the market cap. The Market Dominance of the Solana token dropped to 1.20%, while the Volume / Market Cap Ratio stands at 0.1053.
The daily candle for Solana was initiated at a price of $47.22 and reached a daily high of $48.24. Furthermore, the daily low for SOL was seen at $45.87, while the price of 1 SOL at the time of writing was $46.22.
Solana price analysis from the daily chart for May 31
Solana price analysis for May 31, 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 above the signal line and is now moving away from the same which means that higher prices might follow.
The RSI indicator reads a value below 38 which confirms that the price action of the token is currently sluggish in nature and the gradient of the line represents the same.
The price action for Solana is situated in the lower end of the Bollinger Bands but there are high chances of breaking into the bullish region as well.
Conclusion
Solana price analysis for May 31, 2022, ends on a bullish note for the SOL token with high chances of breaking $50 in the near future.
