Solana finds support at $55: Sluggish movement follows

Solana price analysis for May 17, 2022, ends on a bearish note for the coin as bulls find minor support at $55.
Solana price analysis for May 17, 2022, ends on a bearish note for the coin as bulls find minor support at $55.

Solana price analysis for May 17, 2022, comes on a bearish note for the token with increased chances of retaining the $55 price region which has turned out to be minor support for the price action of SOL. As per our SOL price analysis for May 16, 2022, the chances of SOL breaking into an uptrend are low until the $150 price region breaks. Furthermore, we also noted that the token has dropped to the 8th position in the crypto market and it can also be clearly seen that SOL is nearly 78.78% low from its all-time high of $260.

The data from CoinMarketCap shows that the trading volume for SOL surged by 8.50% in the last 24 hours, followed by a 1.49% drop in the market cap. The Market Dominance of the Solana token rests at 1.44%, while the Volume / Market Cap Ratio stands at 0.108.

The daily candle for Solana was initiated at a price of $53.80 and reached a daily high of $55.66. Furthermore, the daily low for SOL was seen at $53.70, while the price of 1 SOL at the time of writing was $55.56. 

Solana price analysis from the daily chart for May 17

Solana price analysis for May 17, 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 and the two lines are very close hinting at a bullish divergence on the daily chart.

The RSI indicator reads a value below 36 which means that the bears are in control of the price action while the gradient of the line suggests sluggish movement.

The price action for Solana rests in the lower end of the Bollinger Bands and a retest of the middle zone of the Bands might follow.

Conclusion

Solana price analysis for May 17, 2022, ends on a bearish note for the coin as bulls find minor support at $55.

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