Solana rebounds from $79: Will $80 hold?

Solana price analysis for May 7, 2022, comes on a bearish note for the token as the bulls aim to hold support at the $80 price region. In the last 24 hours, we have seen SOL prices drop by nearly 3% and it seems that the bulls are trying their hardest to maintain the $80 price region as support. As noted in our SOL price analysis for May 6, 2022, the SOL coin had seen a major sell-off dropping by nearly 12% in prices as the daily lows for SOL were seen at $82.52, indicating the smart contract’s platform has entered a downtrend.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 18.45% in the last 24 hours, followed by a 2.85% drop in the market cap. The Market Dominance of the Solana token dropped to 1.55%, while the Volume / Market Cap Ratio stands at 0.05526.

The daily candle for Solana was initiated at a price of $81.67 and reached a daily high of $81.99. Furthermore, the daily low for SOL was seen at $79.12, while the price of 1 SOL at the time of writing was $80.84. 

Solana price analysis from the daily chart for May 7

Solana price analysis for May 7, 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 40 which confirms that the bears continue to dominate the price action with increased chances of lower prices in the near future.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram confirms that the bearish trajectory will continue.

The price action for Solana aims to break below the lower end of the Bollinger Bands which confirms that the downtrend for the SOL coin will continue in the near future.

Conclusion

Solana price analysis for May 7, 2022, ends on a bearish note for the coin with quite low chances of retaining the $80 price region.