Solana drops 8% as possibilities of returning to $100 are possible

Solana price analysis for April 7, 2022, confirms that the token has turned bearish with a whopping 8% fall in the last 24 hours following a huge surge in buying pressure. The token was able to make it big by breaking its way into the top 10 cryptocurrencies by market cap in 2021, and as noted in our SOL price analysis for April 6, 2022, the token dropped from the 6th position in the market following a decline in the market dominance. SOL has been able to perform quite well in recent days.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 6.13% in the last 24 hours, followed by a 5.11% drop in the market cap. The Market Dominance of the Solana token dropped to 1.96%, while the Volume / Market Cap Ratio stands at 0.06294.

The daily candle for Solana was initiated at a price of $112.94 and reached a daily high of $114.94. Furthermore, the daily low for SOL was seen at $110.88, while the price of 1 SOL at the time of writing was $113.90.

Solana price analysis from the daily chart for April 7

Solana price analysis for April 7 will take into account the indicators placed on the chart below, which have huge important in the technical analysis industry.

Source: TradingView

The MACD indicator shows that the MACD line is touching the signal line, which means that the bears might regain control following a bearish divergence on the daily chart.

The RSI indicator reads a value above 53 which means that the bears are gradually gaining strength, and Solana might drop below $110 soon. The gradient of the line indicates lower prices.

The price action is retesting the middle zone of the Bollinger Bands, hinting that lower prices might be seen in the coming days.

Conclusion

Solana price analysis for April 7, 2022, ends on a bearish note for the token as chances of losing $110 are quite high for SOL.