Solana drops 20% in a single day! Here’s what you should know
Solana price analysis for June 13, 2022, comes on a bearish note for the SOL coin with a 20% price drop in the last 24 hours. It can be seen that SOL bears are currently in control of the price action and there are no signs of relief in the current scenario. As noted in our SOL price analysis for June 12, 2022, the SOL bulls tried to retain price action above the $30 price region but they failed to do so after the selling pressure in the market jumped by significant amounts. A key level to watch out for stands at $20.
The data from CoinMarketCap shows that the trading volume for SOL surged by 65.33% in the last 24 hours, followed by a 19.47% drop in the market cap. The Market Dominance of the Solana token dropped to 0.98%, while the Volume / Market Cap Ratio stands at 0.2448.
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 13
Solana price analysis for June 13, 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 has broken below the signal line confirming a bearish divergence on the daily chart for Solana.
The RSI indicator reads a value below 27 which means that the sellers are overall in control of the price action for SOL.
The price action for Solana has broken out from the lower end of the Bollinger Bands confirming the extension of the downtrend.
Conclusion
Solana price analysis for June 13, 2022, ends on a bearish note for SOL with low chances of reclaiming $30 in the near future.
