Solana aims to reclaim $100 but buying pressure not high enough

The Solana price analysis for April 28, 2022, ends on a bearish note for the SOL token with considerable chances of breaking above $100.
The Solana price analysis for April 28, 2022, ends on a bearish note for the SOL token with considerable chances of breaking above $100.

Solana price analysis for April 28, 2022, comes on a bearish note for the token with little to no chances of breaking above $100. The bullish volume is quite low to cause SOL to break above this major price support which was lost amidst a major crypto market sell-off seen in the last few days. The SOL price analysis for April 27, 2022, noted that SOL had a very important support level at $97 and for now, the prices have been retained above this retained.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 4.50% in the last 24 hours, followed by a 2.67% surge in the market cap. The Market Dominance of the Solana token jumped to 1.84%, while the Volume / Market Cap Ratio stands at 0.03805.

The daily candle for Solana was initiated at a price of $98.35 and reached a daily high of $99.28. Furthermore, the daily low for SOL was seen at $97.98, while the price of 1 SOL at the time of writing was $99.66.

Solana price analysis from the daily chart for April 28

Solana price analysis for April 28 will consider the data from the daily chart below which have a few of the major indicators integrated into it. 

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line but they are very close to each other as chances of higher highs remain considerable.

The RSI indicator reads a value below 46 which confirms that the bears are gradually taking over the price action and we expect Solana to maintain prices above $97.

The price action for Solana is situated in the lower end of the Bollinger Bands as a bearish divergence for SOL was prevented by the surge in buying pressure.

Conclusion

The Solana price analysis for April 28, 2022, ends on a bearish note for the SOL token with considerable chances of breaking above $100.

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