Solana drops below $90 as buying volume remains low

Cryptocurrency Price analysis and Prediction

May 01, 2022

Cryptocurrency Price analysis and Prediction

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Solana price analysis for May 1, 2022, comes on a bearish note for the token as the SOL token dropped around 5.95% in the last 24 hours and a bearish crash was witnessed in the market. Furthermore, we also witnessed SOL break below the important support of $90 in the last 24 hours which confirmed the onset of a bearish downtrend. On the other hand, the Solana price analysis for April 30, 2022, noted that the token had another important support at the $95 price region.

The data from CoinMarketCap shows that the trading volume for SOL jumped by 36.74% in the last 24 hours, followed by a 5.89% drop in the market cap. The Market Dominance of the Solana token dropped to 1.74%, while the Volume / Market Cap Ratio stands at 0.05571.

The daily candle for Solana was initiated at a price of $84.63 and reached a daily high of $89.85. Furthermore, the daily low for SOL was seen at $84.15, while the price of 1 SOL at the time of writing was $88.90.

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Solana price analysis from the daily chart for May 1

Solana price analysis for May 1, 2022, will take into account the data from the daily chart below which consists of 3 major indicators in the TA space.

Source: TradingView

The RSI indicator reads a value below 39 which confirms that the bears are currently in control but the gradient of the line suggests otherwise.

The MACD indicator shows that the MACD line is below the signal line which confirms that the chances of the token remaining bearish seem considerable.

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The price action for Solana is situated in the lower end of the Bollinger Bands and we also witnessed a short breakout for the token. It seems that lower prices will follow in the coming days.