Solana suffers heavy damage and fails to reclaim $40: Buy now?

Solana price analysis
Source: TradingView

Solana price analysis for July 11, 2022, comes on a bearish note for one of the most prominent blockchain projects in the world of cryptocurrencies. Furthermore, as noted in our SOL price analysis for July 10, 2022, there is a strong resistance for the SOL token beyond the $40 price region which the token has not been able to break for quite a number of weeks. It will be interestingly to see if the buyers have what it takes to push SOL beyoond the $40 price region.

Furthermore, an investor has recently filed a lawsuit against Solana Labs and other major firms for insider trading within the Solana ecosystem and dumping the coin on investors in 2021. The token is more than 80% low from its all-time high of $260 noted last year.

The data from CoinMarketCap shows that the trading volume for SOL surged by 10.61% in the last 24 hours, followed by a 4.84% drop in the market cap. The Market Dominance of the Solana token dropped to 1.33%, while the Volume / Market Cap Ratio stands at 0.06496.

The daily candle for Solana was initiated at a price of $36.71 and reached a daily high of $36.73. Furthermore, the daily low for SOL was seen at $34.78, while the price of 1 SOL at the time of writing was $35.49. 

Solana price analysis from the daily chart for July 11

Solana price analysis for July 11, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD line and the signal line are nearly overlapping and investors can expect a bearish divergence soon.

The RSI indicator for Solana reads a value below 46 which confirms that bears are overall in control.

The price action for Solana is retesting the middle zone of the Bollinger Bands, a breakout into the bearish zone is possible.


Solana price analysis for July 11,  2022, ends on a bearish note for SOL with considerable chances of retesting $30.