Solana bleeds heavily: No signs of relief

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Solana price analysis for June 11, 2022, comes on a bearish note for the token as we have seen the prices drop by nearly 7% in the last 24 hours. Furthermore, as noted in our SOL price analysis for June 10, 2022, the token tried to breach the important price resistance beyond the $40 price level. This was previously a major support level for the price action of SOL but the token failed to hold this region. Additionally, another major resistance for the token stands at a price level of $50. Another critical fact to note is that SOL has fallen by more than 85% from its all-time high noted in November 2021.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 19.23% in the last 24 hours, followed by a 6.88% drop in the market cap. The Market Dominance of the Solana token rests at 1.08%, while the Volume / Market Cap Ratio stands at 0.0839.

The daily candle for Solana was initiated at a price of $37.17 and reached a daily high of $37.73. Furthermore, the daily low for SOL was seen at $37.68, while the price of 1 SOL at the time of writing was $37.68. 

Solana price analysis from the daily chart for June 11

Solana price analysis for June 11, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.

Solana price analysis

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line and if selling pressure continues to rise, a bearish divergence will be witnessed.

The RSI indicator reads a value below 36 confirming that the sellers are still in charge while the gradient of the line suggests that the downtrend for the token will continue.

The price action for Solana is situated at the lower end of the Bollinger Bands and the narrowing of the Bands indicates sluggish movement.

Conclusion

Solana price analysis for June 11, 2022, ends on a bearish note for SOL as chances of retesting lower $30s are high.

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