Solana drops 2% as bears continue their domination

Solana price analysis for April 29, 2022, comes on a bearish note for the token with increased chances of retesting the $95 price region. Furthermore, as noted in our SOL price analysis for April 28, 2022, the token has failed multiple times to breach the important price resistance of $100 which was previously an important support zone. For now, the token remains stuck in a downtrend and it seems that we can expect lower prices in the coming days as well.

The data from CoinMarketCap shows that the trading volume for SOL surged by 1.94% in the last 24 hours, followed by a 1.96% drop in the market cap. The Market Dominance of the Solana token dropped to 1.80%, while the Volume / Market Cap Ratio stands at 0.03971.

The daily candle for Solana was initiated at a price of $98.23 and reached a daily high of $98.68. Furthermore, the daily low for SOL was seen at $97.98, while the price of 1 SOL at the time of writing was $99.66.

Solana price analysis from the daily chart for April 29

Solana price analysis for April 29, 2022, will take into account the data from the daily chart below which consists of a few of the biggest indicators on the daily chart. 

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line but the chances of a bullish divergence seem quite high. The MACD histogram also remains quite bearish.

The RSI indicator reads a value below 44 which confirms that the bulls are trying their best to fight off the bears in the market.

The price action for Solana is situated in the lower end of the Bollinger Bands as chances of a bearish breakout seem quite high if the buying pressure doesn’t increase.

Conclusion

The Solana price analysis for April 29, 2022, comes on a bearish note for the token with high chances of losing the minor support at $97.