Conclusion
Solana price analysis for July 28, 2022, ends on a bullish note for SOL with high chances of turning $40 resistance into support.
Solana price analysis for July 28, 2022, comes on a bullish note for the SOL coin as we can expect a bullish behavior from the token in the near future as well. In the last 24 hours, the price of SOL token surged by more than 10% which means that the bulls were back in action and the corrections witnessed in the past few days were made full. It seems that the token is once again making an attempt to breach the resistance at the $40 price level and it will be interesting to see if it is actually able to breach it and turn it into support.
As noted in our SOL price analysis for July 28, 2022, there is a considerable support for the Solana coin at the lower $30s price level which means that we can expect this region to hold for now.
The data from CoinMarketCap shows that the trading volume for SOL surged by 35.41% in the last 24 hours, followed by a 10.85% surge in the market cap. The Market Dominance of the Solana token rose to 1.32%, while the Volume / Market Cap Ratio stands at 0.131.
The daily candle for Solana was initiated at a price of $40.23 and reached a daily high of $40.30. Furthermore, the daily low for SOL was seen at $39.72, while the price of 1 SOL at the time of writing was $39.76.
Solana price analysis from the daily chart for July 28
Solana price analysis for July 28, 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 each other which confirms that the demand for the token is not very high.
The RSI indicator reads a value below 52 which confirms that the bulls have taken over.
The price action for Solana is retesting the middle region of the Bollinger Bands which means that a trend reversal is likely.
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