Solana reclaims $65: Will price action hold here?

Solana price analysis for May 10, 2022, comes on a bearish note for the coin as the SOL coin dropped 12.68% in the last 24 hours and it seems that we might see the coin drop further in the near future. As per our SOL price analysis for May 9, 2022, the coin lost the $70 price region and it seems that we see the SOL coin below $60 if the bulls don’t take over the price action soon! Solana is currently ranked as the 7th biggest cryptocurrency in the crypto market which means that it might continue to make higher highs once the bulls are back in the market.

The data from CoinMarketCap shows that the trading volume for SOL surged by 136.78% in the last 24 hours, followed by a 14.02% drop in the market cap. The Market Dominance of the Solana token dropped to 1.56%, while the Volume / Market Cap Ratio stands at 0.1573.

The daily candle for Solana was initiated at a price of $62.16 and reached a daily high of $66.65. Furthermore, the daily low for SOL was seen at $60.13, while the price of 1 SOL at the time of writing was $65.46. 

Solana price analysis from the daily chart for May 10

Solana price analysis for May 10, 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 30 which confirms that Solana has entered the oversold region and investors can expect lower prices.

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

The price action for Solana continues to break out from the lower end of the Bollinger Bands which means that the downtrend for SOL continues.

Conclusion