Solana loses $80 price region: Next stop $60

Solana price analysis for May 8, 2022, comes on a bearish note for the SOL token with increased chances of losing the $70 price region as well. As noted in our previous Solana price analysis for May 7, 2022, the token had seen a huge resistance above the $80 price region while $80 was held as support. However, the bears took over and pushed the prices below the $80 price region, and now, SOL might see a further drop in prices towards the $60 price region. At the time of writing, the SOL token is nearly 70.18% low than its all-time high.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 10.65% in the last 24 hours, followed by a 3.01% drop in the market cap. The Market Dominance of the Solana token rose to 1.64%, while the Volume / Market Cap Ratio stands at 0.05072.

The daily candle for Solana was initiated at a price of $78.86 and reached a daily high of $79.41. Furthermore, the daily low for SOL was seen at $75.93, while the price of 1 SOL at the time of writing was $77.39. 

Solana price analysis from the daily chart for May 8

Solana price analysis for May 8, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it. 

Source: TradingView

The RSI indicator reads a value below 34 which means that the chances of losing the $70 price region also remain high. The gradient of the line suggests that lower prices are quite high.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram also remains bearish for the Solana platform’s coin.

The price action for Solana broke out from the lower end of the Bollinger Bands and we can expect conditions to remain bearish in the near future.

Conclusion

Solana price analysis for May 8, 2022, ends on a bearish note for the coin with increased chances of losing the $70 price region.