Solana Price Analysis — July 8

Along with the broader market, Solana recently staged a steady recovery towards the $40.00 mark. However, the cryptocurrency lacked the backing to breach this top and entered a recess towards $35.00, where the 100-day EMA should provide support.

With the prevailing sentiment in the market, we should see a bullish resumption over the coming days, along the trendline highlighted on my 4-hour chart. That said, I do not see a bearish push materializing below the $34.00 support line anytime soon.

Meanwhile, my resistance levels are $40, $50, and $58, and my support levels are $34, $30, and $27.

Total Market Capitalization: $948.8 billion

Solana Market Capitalization: $12.75 billion

Solana Dominance: 1.34%

Market Rank: #9