Solana remains below $40: What to expect?

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Solana price analysis for June 9, 2022, comes on a bearish note for the SOL coin with decreased chances of reclaiming the $40 price region in the near future. Furthermore, the SOL coin has been facing a lot of bearish pressure recently and the downtrend for the token continues to dominate. As noted in our SOL price analysis for June 8, 2022, the token failed to break above the $40 price region as it seems to have become an area of major resistance. SOL might retest the lower price region if the $40 price region is not reclaimed soon.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 43.69% in the last 24 hours, followed by a 1.01% surge in the market cap. The Market Dominance of the Solana token rose to 1.08%, while the Volume / Market Cap Ratio stands at 0.07209.

The daily candle for Solana was initiated at a price of $38.83 and reached a daily high of $39.28. Furthermore, the daily low for SOL was seen at $38.44, while the price of 1 SOL at the time of writing was $39.17. 

Solana price analysis from the daily chart for June 9

Solana price analysis for June 9, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.

Solana price analysis

Source: TradingView

The MACD indicator shows that the MACD line is moving closer to the signal line and a bearish divergence might be witnessed soon.

The RSI indicator reads a value below 37 which means that the sellers are in control of the market and the gradient of the line suggests that lower prices are possible.

The price action for Solana is situated at the lower end of the Bollinger Bands which means that a bearish breakout for the token might follow.

Conclusion

Solana price analysis for June 9, 2022, ends on a bearish note for SOL with decreased chances of breaking $40 in the near future

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