Solana aims to turn $97 in support: Another drop incoming?

The Solana price analysis for April 27 ends on a bearish note for the token with huge chances of losing $97 and a further retest of $90.
The Solana price analysis for April 27 ends on a bearish note for the token with huge chances of losing $97 and a further retest of $90.

Solana price analysis for April 27, 2022, comes on a bearish note for the token with low chances of reclaiming the $100 price region. Furthermore, as noted in our SOL price analysis for April 26, 2022, a major resistance for the token stands at a price of $107 which was previously major support for the SOL price action. Failing to break into the $105 price region, the smart contracts platform’s token dropped 3.6% in the last 24 hours. For now, the bulls aim to turn $97 into minor price support.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 5.98% in the last 24 hours, followed by a 4.24% drop in the market cap. The Market Dominance of the Solana token jumped 1.82%, while the Volume / Market Cap Ratio stands at 0.04093.

The daily candle for Solana was initiated at a price of $95.70 and reached a daily high of $97.24. Furthermore, the daily low for SOL was seen at $94.89, while the price of 1 SOL at the time of writing was $97.12.

Solana price analysis from the daily chart for April 27

Solana price analysis for April 27, 2022, will take into account the data from the daily chart below which consists of few of the biggest indicators on the daily chart. 

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram also remains bearish.

The RSI indicator reads a value below 43 which means that the bears are currently in control of the price action and the gradient of the line suggests sluggishness, hinting that lower prices are possible for SOL.

The price action for Solana is situated in the lower end of the Bollinger Bands which confirms that a bearish breakout is possible.

Conclusion

The Solana price analysis for April 27, 2022, ends on a bearish note for the token with huge chances of losing $97 and a further retest of $90.