Solana aims to reclaim $30 after rebounding from $26
Solana price analysis for June 14, 2022, comes on a bearish note for the token with increased chances of retesting the previous price support at the $30 price region which the SOL coin lost in the last 24 hours owing to the huge selling pressure created by the bears in the market. As noted in our SOL price analysis for June 13, 2022, the token dropped 20% following a widespread sell-off in the market and it seems that there are low chances of the situation changing. We can expect SOL to drop to the lower 20s in the near future as well.
The data from CoinMarketCap shows that the trading volume for SOL surged by 20.35% in the last 24 hours, followed by an 8.17% surge in the market cap. The Market Dominance of the Solana token rose to 1.06%, while the Volume / Market Cap Ratio stands at 0.2533.
The daily candle for Solana was initiated at a price of $30.60 and reached a daily high of $31.11. Furthermore, the daily low for SOL was seen at $26.05, while the price of 1 SOL at the time of writing was $27.01.
Solana price analysis from the daily chart for June 14
Solana price analysis for June 14, 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 might break below the signal line which would confirm a bearish divergence for the SOL token.
The RSI indicator reads a value below 29 while the gradient of the line is turning slightly upwards. It seems that the price action will remain overall bearish for Solana.
The price action for Solana broke from the lower end of the Bollinger Bands but it seems that the situation is stabilizing.
Conclusion
Solana price analysis for June 14, 2022, ends on a bearish note for SOL with increased chances of the SOL coin retesting the $30 region.
