Solana rebounds from $40: The sell-off is not yet over
Solana price analysis for May 28, 2022, comes on a bearish note for the token as there are increased chances of losing the $40 price region in the next few hours if the selling pressure remains high. Additionally, the $40 price region has remained a region of support for the token and it will be interesting to see if the bears are able to push the prices below this region. As noted in our Solana price analysis for May 27, 2022, the chances of the SOL token breaking towards the $50 price level are quite low for the near future.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 18.76% in the last 24 hours, followed by a 0.68% drop in the market cap. The Market Dominance of the Solana token remains at 1.18%, while the Volume / Market Cap Ratio stands at 0.1457.
The daily candle for Solana was initiated at a price of $41.18 and reached a daily high of $42.56. Furthermore, the daily low for SOL was seen at $40.33, while the price of 1 SOL at the time of writing was $41.44.
Solana price analysis from the daily chart for May 28
Solana price analysis for May 28, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.
Source: TradingView
The MACD indicator shows that the MACD line is touching the signal line which means that we can expect a bearish divergence in the near future.
The RSI indicator reads a value below 31 which means that the sellers are still in control of the price action.
The price action for Solana is situated in the lower end of the Bollinger Bands and the narrowing of the Bands suggests that selling pressure might increase.
Conclusion
Solana price analysis for May 28, 2022, comes on a bearish note for the SOL token with high chances of losing $40 in the near future.
