Solana holds support at $120 as bulls try to enter $130

Solana price analysis for April 6, 2022, ends on a bearish note for the token as SOL has dropped more than 5% in the last 24 hours. Furthermore, it is also a notable fact that SOL has not been able to break into the $150 price region for long. We also noted in our SOL price analysis for April 5, 2022, that the token has failed to retain above $140 on a number of occasions in the past few weeks.

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 $126.88 and reached a daily high of $126.97. Furthermore, the daily low for SOL was seen at $120.12, while the price of 1 SOL at the time of writing is $126.27.

Solana price analysis from the daily chart for April 5

Solana price analysis for April 6 will take into account the data from the indicators placed on the chart below. These indicators will play a vital role in tracing the price trajectory for SOL in the coming days.

Source: TradingViewThe MACD indicator shows that the MACD line and the signal line are very close to each other and the chances of bearish divergence are high. 

The RSI indicator reads a value above 64 which means that the bulls are currently in control of the price action for Solana. The gradient of the line suggests that investors might drop in the near future. 

The price action is situated in the upper end of the Bollinger Bands which confirms the fact that SOL bulls are still dominating. 

Conclusion

Solana price analysis for April 6, 2022, ends on a bearish note for the token but overall, it seems that this is just a cool-off period for SOL.