Solana continues to hold above $55: What to expect?

Solana price analysis for May 18, 2022, ends on a bearish note for the coin as bulls continue to hold the $55 support.
Solana price analysis for May 18, 2022, ends on a bearish note for the coin as bulls continue to hold the $55 support.

Solana price analysis for May 18, 2022, comes on a bearish note for the coin with high chances of retaining the $55 price region which currently acts as a region of support for the token. Furthermore, as noted in our SOL price analysis for May 17, 2022, an uptrend for SOL cannot be confirmed until the token turns the $150 price region into minor support. Additionally, we have also seen a massive correction for the SOL token in the past months as at the time of writing, and the token is nearly 80% low from its all-time high of $260.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 10.48% in the last 24 hours, followed by a 2.31% drop in the market cap. The Market Dominance of the Solana token rose to 1.45%, while the Volume / Market Cap Ratio stands at 0.09379.

The daily candle for Solana was initiated at a price of $57.01 and reached a daily high of $57.85. Furthermore, the daily low for SOL was seen at $54.78, while the price of 1 SOL at the time of writing was $55.18. 

Solana price analysis from the daily chart for May 18

Solana price analysis for May 18, 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. However, the two lines are very close to each other and a bullish divergence on the daily chart might follow.

The RSI indicator reads a value below 36 which means that the sellers are in control of the price action while the gradient of the line suggests lower prices might follow.

The price action for Solana rests in the lower end of the Bollinger Bands although chances of a retest of the middle zone of the Bands are high.

Conclusion

Solana price analysis for May 18, 2022, ends on a bearish note for the coin as bulls continue to hold the $55 support.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.