Solana falls below $40 after a 4% decline: could it suffer another fall soon?

Solana price analysis for June 28, 2022, comes on a bearish note for the SOL token as we have seen a price drop of over 4.5% in the last 24 hours and it seems that this is not it. Investors can expect another price drop in the coming days if the market bulls fail to capitalize on the low prices that we are currently witnessing. Furthermore, as noted in our SOL price analysis for June 27, 2022, the SOL token found a minor support region at $40, and now we can confirm that this support has been lost.

The data from CoinMarketCap shows that the trading volume for SOL surged by 1.90% in the last 24 hours, followed by a 4.32% drop in the market cap. The Market Dominance of the Solana token dropped to 1.41%, while the Volume / Market Cap Ratio stands at 0.093.

The daily candle for Solana was initiated at a price of $38.50 and reached a daily high of $39.47. Furthermore, the daily low for SOL was seen at $37, while the price of 1 SOL at the time of writing was $39.27. 

Solana price analysis from the daily chart for June 28

Solana price analysis for June 28, 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 lines are now moving closer as the intensity of the MACD histogram is decreasing.

The RSI indicator for Solana reads a value below 50 which confirms that the bears are once again aiming to regain dominance.

The price action for Solana broke into the bullish zone of the Bollinger Bands which means that the bulls are overall in control of the price action.

Conclusion

Solana price analysis for June 28, 2022, ends on a bearish note for SOL with considerable chances of retesting $40 in the near future.

Source

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