Solana price analysis for July 7, 2022, comes on a slightly bullish note for the SOL coin as we can confirm that the prices of the token rose by more than 2% in the last 24 hours. It can also be seen that the SOL token aims to make higher highs in the coming days but for that, it needs to break above the important resistance zone beyond the $40 price level and make a move to turn the $50 price region in a support level, as also noted in our SOL price analysis for July 6, 2022.
Additionally, the launch of the Saga smartphone by Solana might be another reason why the price action of SOL might turn bullish in the coming days. It is important to note that the Saga phone is already available for pre-order.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 23.66% in the last 24 hours, followed by a 2.56% surge in the market cap. The Market Dominance of the Solana token rose to 1.38%, while the Volume / Market Cap Ratio stands at 0.09893.
The daily candle for Solana was initiated at a price of $37.04 and reached a daily high of $37.41. Furthermore, the daily low for SOL was seen at $36.44, while the price of 1 SOL at the time of writing was $36.6.
Solana price analysis for July 7, 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 and the signal line are almost overlapping, confirming sluggish movement.
The RSI indicator for Solana reads a value below 49 which means that bulls are about to take over.
The price action for Solana is retesting the middle zone of the Bollinger Bands and a breakout into the bearish region is possible.
Solana price analysis for July 7, 2022, ends on a slightly bullish note for SOL with considerable chances of retesting $40.
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