Solana holds support at $100 with investors betting on higher prices

Solana price analysis for April 15, 2022, comes on a bearish note for the token as chances of making higher highs remain considerable for the SOL token. Solana has been one of the most bullish bets of investors and went as high as $140 following a bullish surge in the market. On the other hand, in the short term, the SOL token has held support at the $100 price region and it seems that this region is a key aspect of the token’s journey. TheCoinRise also covered this in our SOL price analysis for April 14.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 4.11% in the last 24 hours, followed by a 2.93% drop in the market cap. The Market Dominance of the Solana token dropped to 1.80%, while the Volume / Market Cap Ratio stands at 0.04784.

The daily candle for Solana was initiated at a price of $100.77 and reached a daily high of $101.68. Furthermore, the daily low for SOL was seen at $99.55, while the price of 1 SOL at the time of writing was $101.34.

Solana price analysis from the daily chart for April 15

Solana price analysis for April 15 will consider the data from the daily chart below which has 3 major indicators on the daily chart embedded into it. 

Source: TradingView

The RSI indicator reads a value below 45 which means that the bears are currently in control of the price action. The gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line and the signal line are moving apart as the MACD histogram remains bearish for Solana.

The price action has dropped to the lower end of the Bollinger Bands which means that bears might continue to dominate.

Conclusion

Solana price analysis for April 15, 2022, ends on a bearish note for the SOL token as chances of losing $100 seem quite high.