Solana price analysis for July 12, 2022, comes on a bearish note for the SOL token as we can confirm that SOL dropped by nearly 6% in the last 24 hours and investors can expect another price drop if the bulls don’t take over in the near future. However, due to the current bearish pressure generated in the market by the bears, it seems that investors will need to take advantage of the low prices and average their losses. As noted in our SOL price analysis for July 11, 2022, there are considerable chances of it retesting the $30 price region.
It seems that the bears continue to dominate the price action and there are increased possibilities of Solana losing the $30 price level as well. Hence, investors are advised to be carefull.
The data from CoinMarketCap shows that the trading volume for SOL surged by 12.60% in the last 24 hours, followed by a 5% drop in the market cap. The Market Dominance of the Solana token dropped to 1.32%, while the Volume / Market Cap Ratio stands at 0.07708.
The daily candle for Solana was initiated at a price of $33.42 and reached a daily high of $34.13. Furthermore, the daily low for SOL was seen at $33.25, while the price of 1 SOL at the time of writing was $33.36.
Solana price analysis for July 12, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line and the signal line are nearly overlapping and investors can expect a bearish divergence soon.
The RSI indicator for Solana reads a value below 42 which means that selling pressure continues to increase.
The price action for Solana is retesting the lower end of the Bollinger Bands and a bearish breakout is possible.
Solana price analysis for July 12, 2022, ends on a bearish note for SOL with considerable chances of retesting $30.
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