Solana drops below $110: Retest of $100 is quite possible

Solana price analysis for April 11, 2022, begins on a bearish note for the token as chances of losing the $100 price region seem quite high for the SOL token. On the other hand, the current trajectory for the token shows that the token is losing all the gains it had recently made and this worries the HODLers. The SOL price analysis for April 8, 2022, showed us that the token was able to hold prices above the $112 price mark but has failed to do so now.

The data from CoinMarketCap shows that the trading volume for SOL surged by 24.54% in the last 24 hours, followed by a 3.02% drop in the market cap. The Market Dominance of the Solana token dropped to 1.85%, while the Volume / Market Cap Ratio stands at 0.03822.

The daily candle for Solana was initiated at a price of $111 and reached a daily high of $111.94. Furthermore, the daily low for SOL was seen at $108, while the price of 1 SOL at the time of writing was $108.85.

Solana price analysis from the daily chart for April 11

Solana price analysis for April 11 will take into account the data from the chart below which has integrated 3 of the major indicators on the daily chart integrated into it.

Source: TradingView

The RSI indicator reads a value below 49 which means that the bears are currently in control of the price action which means that the bulls need more push to reclaim $110.

The MACD indicator shows that the MACD line has jumped below the signal line which means that the selling pressure has surged as investors are busy taking-profit.

The Solana price action has dropped to the bearish region of the Bollinger Bands which confirms that bears are dominating the price action. 

Conclusion

Solana price analysis for April 11, 2022, ends on a bearish note as bears aim to cause a bearish retracement towards the $100 price region.