Solana might lose $70 in the near future: Bulls need to take over

Solana price analysis for May 9, 2022, comes on a bearish note for the SOL coin as chances of losing the $70 price region seem quite high. Moreover, it seems that the bulls have lost all major support levels and we can expect another price crash for SOL in the near future. As per our SOL price analysis for May 8, 2022, the coin had lost the $80 price region and we also saw the coin lose the $75 region for a brief interval in the last 24 hours. At the time of writing, SOL is more than 70% off from its all-time high.

The data from CoinMarketCap shows that the trading volume for SOL surged by 11.05% in the last 24 hours, followed by a 1.25% drop in the market cap. The Market Dominance of the Solana token rose to 1.65%, while the Volume / Market Cap Ratio stands at 0.05702.

The daily candle for Solana was initiated at a price of $75.39 and reached a daily high of $77.21. Furthermore, the daily low for SOL was seen at $73.75, while the price of 1 SOL at the time of writing was $75.12. 

Solana price analysis from the daily chart for May 9

Solana price analysis for May 9, 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 32 which confirms that the bears will remain in control of the price action. The gradient of the line suggests that lower prices seem possible.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram also remains bearish for the Solana coin.

The price action for Solana broke out from the lower end of the Bollinger Bands which means that the downtrend for the coin will continues.

Conclusion