Solana set to lose $40 price level after a 13% plunge
Solana price analysis for May 27, 2022, comes on a bearish note for the token with increased chances of losing the $40 price level in the next 24 hours. In the previous 24 hours, we have seen SOL drop below the $45 price region after losing the important price level of $50. As noted in our SOL price analysis for May 26, 2022, the token bleed 8% in price and as a result, dropped below the $50 price region which led to a major downtrend for the token. At the time of writing, SOL is more than 83.96% low than its all-time high witnessed in the month of November 2021.
The data from CoinMarketCap shows that the trading volume for SOL jumped by 99.05% in the last 24 hours, followed by a 13.11% drop in the market cap. The Market Dominance of the Solana token dropped to 1.18%, while the Volume / Market Cap Ratio stands at 0.1774.
The daily candle for Solana was initiated at a price of $43.44 and reached a daily high of $43.95. Furthermore, the daily low for SOL was seen at $41.18, while the price of 1 SOL at the time of writing was $41.41.
Solana price analysis from the daily chart for May 27
Solana price analysis for May 27, 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 remains above the signal line but the two are now touching each other as chances of a bearish divergence increase.
The RSI indicator reads a value below 31 which means that the selling pressure is high and the gradient of the line suggests that lower prices are possible.
The price action for Solana is situated in the lower end of the Bollinger Bands as there are high chances of breaking out of the lower region.
Conclusion
Solana price analysis for May 27, 2022, comes on a bearish note for the SOL token with high chances of breaking below $40.
