Solana back above $50 support: Volume remains low

Solana price analysis for May 20, 2022, ends on a sluggish note for the coin as bulls continue with their attempts to break $60.
Solana price analysis for May 20, 2022, ends on a sluggish note for the coin as bulls continue with their attempts to break $60.

Solana price analysis for May 20, 2022, comes on a sluggish note for the SOL token with increased chances of maintaining prices above the $50 price support. In the last 24 hours, we have seen SOL drop 0.62% while the price action has rebounded from the $49 price region where we have seen buying orders. As per the Solana price analysis for May 19, 2022, there is a support at $50 that needs to hold, or else, we might see a drop in the $40 price zone in the near future. A major resistance zone for SOL lies beyond $55 which remains unbroken for now.

The data from CoinMarketCap shows that the trading volume for SOL surged by 3.96% in the last 24 hours, followed by a 2.47% surge in the market cap. The Market Dominance of the Solana token dropped to 1.38%, while the Volume / Market Cap Ratio stands at 0.1089.

The daily candle for Solana was initiated at a price of $52.20 and reached a daily high of $53.54. Furthermore, the daily low for SOL was seen at $50.60, while the price of 1 SOL at the time of writing was $51.40. 

Solana price analysis from the daily chart for May 20

Solana price analysis for May 20, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line but, the two lines are nearly touching each other. We can expect a bullish divergence.

The RSI indicator reads a value below 35 which means that the selling pressure and the buying pressure are at par with each other as the gradient of the line suggests sluggish movement.

The price action for Solana rests in the lower end of the Bollinger Bands and bulls aim to push the price action to test the middle zone.

Conclusion

Solana price analysis for May 20, 2022, ends on a sluggish note for the coin as bulls continue with their attempts to break $60.

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