Solana drops 6% as indicators remain bearish

Solana price analysis for May 19, 2022, ends on a bearish note for the coin as bulls continue to try to turn $50 support.
Solana price analysis for May 19, 2022, ends on a bearish note for the coin as bulls continue to try to turn $50 support.

Solana price analysis for May 19, 2022, comes on a bearish note for the SOL coin with increased chances of losing $50. At the time of writing, the bulls are retesting the $50 price region which is an important support for the coin. On the other hand, in the last 24 hours, SOL has dropped 7% in prices and it seems that we have a bloody day on our hands. There has been increased selling activity in the last 24 hours. Moreover, as noted in our SOL price analysis for May 18, 2022, the token has major resistance beyond $55.

The data from CoinMarketCap shows that the trading volume for SOL surged by 7.03% in the last 24 hours, followed by a 6.69% drop in the market cap. The Market Dominance of the Solana token dropped to 1.39 %, while the Volume / Market Cap Ratio stands at 0.1076.

The daily candle for Solana was initiated at a price of $49.93 and reached a daily high of $52.26. Furthermore, the daily low for SOL was seen at $48.20, while the price of 1 SOL at the time of writing was $51.08. 

Solana price analysis from the daily chart for May 19

Solana price analysis for May 19, 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 coming close to each other and a bullish divergence is very likely.

The RSI indicator reads a value below 35 which means that the selling pressure is considerably high 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 and the chances of a retest of the middle zone are high.

Conclusion

Solana price analysis for May 19, 2022, ends on a bearish note for the coin as bulls continue to try to turn $50 support.

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