Solana back above $50: What to expect in the near future?

Solana price analysis for May 13, 2022, ends on a bullish note for the coin with considerable chances of retaining the $50 price region.
Solana price analysis for May 13, 2022, ends on a bullish note for the coin with considerable chances of retaining the $50 price region.

Solana price analysis for May 13, 2022, comes on a bullish note for the coin with increased chances of retaining the price action above the $50 price region. In the last 24 hours, we have seen SOL drop as low as $38 and rebound from that region. It is important to note that we might see another drop in the near future but for now, the situation seems to be bullish for SOL. On the other hand, as per our SOL price analysis for May 12, the token tried to maintain its bullish course but the selling pressure was too high.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 13.61% in the last 24 hours, followed by a 12.29% surge in the market cap. The Market Dominance of the Solana token rose to 1.31%, while the Volume / Market Cap Ratio stands at 0.2513.

The daily candle for Solana was initiated at a price of $44.64 and reached a daily high of $52.15. Furthermore, the daily low for SOL was seen at $43.83, while the price of 1 SOL at the time of writing was $50.36. 

Solana price analysis from the daily chart for May 13

Solana price analysis for May 13, 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 RSI indicator reads a value below 29 which confirms that the bears are still in control of the price action. The SOL token is still in the oversold region.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram confirms that the selling pressure for Solana is gradually declining.

The price action for Solana continues to rest in the lower end of the Bollinger Bands which means that SOL is still stuck in a downtrend.

Conclusion

Solana price analysis for May 13, 2022, ends on a bullish note for the coin with considerable chances of retaining the $50 price region.