Solana remains sluggish as $65 retains minor support

Solana price analysis for May 11, 2022, comes on a sluggish note for the SOL coin as the bears are currently in control of the price action overall. Furthermore, the nearest support for SOL was witnessed around the $65 price region which needs to retain, or else, we might see another SOL coin below $60 in the near future. It is also important to note that SOL is currently the 7th biggest cryptocurrency in the space. The Solana price analysis for May 10, 2022, noted that $60 is an important region for SOL.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 10.57% in the last 24 hours, followed by a 1.28% surge in the market cap. The Market Dominance of the Solana token rose to 1.57%, while the Volume / Market Cap Ratio stands at 0.1394.

The daily candle for Solana was initiated at a price of $66.9 and reached a daily high of $68.31. Furthermore, the daily low for SOL was seen at $65.01, while the price of 1 SOL at the time of writing was $66.12. 

Solana price analysis from the daily chart for May 11

Solana price analysis for May 11, 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 at 30 which confirms that the chances of Solana remaining bearish are high and the coin has rebounded from oversold levels.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram is also filled with red bars indicating the selling pressure is high.

The price action for Solana is situated in the bearish zone of the Bollinger Bands which means that the downtrend for SOL will continue in the near future.

Conclusion