Solana dips below 100: Expected to revisit $93 support

Solana price analysis for April 12, 2022, begins on a bearish note for the token as chances of breaking below $90 will be high if SOL continues at the same pace. On the other hand, we also noted in our SOL price analysis for April 11, 2022, that the token had lost the $100 price region as suggested and dropped more than 9% in the last 24 hours. Furthermore, there are also chances of the token making an attempt to reclaim $100 but TheCoinRise believes that we will see a retracement towards the $93 price level. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 61.67% in the last 24 hours, followed by a 9.16% drop in the market cap. The Market Dominance of the Solana token dropped to 1.78%, while the Volume / Market Cap Ratio stands at 0.06994.

The daily candle for Solana was initiated at a price of $99.64 and reached a daily high of $101.10. Furthermore, the daily low for SOL was seen at $98.31, while the price of 1 SOL at the time of writing was $99.45.

Solana price analysis from the daily chart for April 12

Solana price analysis for April 12 will take into account the data from the daily chart below which consists of 3 major indicators in the technical analysis space.

Source: TradingView

The RSI indicator reads a value below 43 which confirms that the token might be witnessing a tough time currently. The gradient of the line suggests that investors can expect lower prices as well. 

The MACD indicator shows that the MACD line and the signal line are moving apart as the MACD histogram has also turned bearish. The selling pressure is quite high.

The price action for Solana dropped to the lower end of the Bollinger Bands which means that lower prices will follow.

Conclusion

Solana price analysis for April 12, 2022, ends on a bearish note for SOL as it can be confirmed that SOL is once again stuck in a downtrend.