Solana fails to reclaim $35: A bearish future might be in store for investors

Solana price analysis
Source: TradingView

Solana price analysis for July 2, 2022, comes on a bearish note for the SOL coin as we can have seen the prices drop by nearly 7% in the last 24 hours after the token failed to reclaim the $35 price level and make a move to take over the $40 price level and turn it into a support region. Furthermore, as noted in our SOL price analysis for July 1, 2022, the SOL coin has found a major support level at $30 which has been holding for quite a number of days. It will be interesting to see if the SOL coin is able to hold above this support region. Looking at the current trading volume, a bullish move looks like a distant possibility.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 14.30% in the last 24 hours, followed by a 6.69% drop in the market cap. The Market Dominance of the Solana token rose to 1.29%, while the Volume / Market Cap Ratio stands at 0.1123.

The daily candle for Solana was initiated at a price of $32.85 and reached a daily high of $33.44. Furthermore, the daily low for SOL was seen at $32.22, while the price of 1 SOL at the time of writing was $32.41. 

Solana price analysis from the daily chart for July 2

Solana price analysis for July 2, 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 touching the signal line and investors can expect a bearish divergence soon.

The RSI indicator for Solana reads a value below 41 which confirms that SOL bulls might’ve been slain by the bears and lower prices can be seen.

The price action for Solana is situated in the bearish zone of the Bollinger Bands hinting at lower prices.

Conclusion

Solana price analysis for July 2, 2022, ends on a bearish note for SOL with a high possibility of losing $30 in the near future.

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