Solana drops more than 5% after bulls fail to consolidate above $40

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Solana price analysis for June 10, 2022, comes on a bearish note for the SOL token as it has dropped more than 5% in the last 24 hours. It can be expected that the SOL token might aim to break the $40 price level once again in the next few days. However, looking at the current buying volume, it seems that the chances of doing so are not very high. As noted in our SOL price analysis for June 9, 2022, the token has another major resistance region towards the $40 price level and another major resistance is towards the $60 price level.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 2.57% in the last 24 hours, followed by a 5.68% drop in the market cap. The Market Dominance of the Solana token rests at 1.08%, while the Volume / Market Cap Ratio stands at 0.0909.

The daily candle for Solana was initiated at a price of $39.96 and reached a daily high of $40.90. Furthermore, the daily low for SOL was seen at $37.45, while the price of 1 SOL at the time of writing was $38.35. 

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Solana price analysis from the daily chart for June 10

Solana price analysis for June 10, 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 we can expect a bearish divergence very soon.

The RSI indicator reads a value below 37 which means that there is an increased chance of a bearish divergence in the near future.

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The price action for Solana is situated at the lower end of the Bollinger Bands hinting that very soon, a bearish breakout is possible.

Conclusion

Solana price analysis for June 10, 2022, ends on a bearish note for SOL with decreased chances of breaking $40 in the near future.

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