Solana is back above the $55 price region: $60 is next

Solana price analysis for May 16, 2022, ends on a bearish note for the coin as bulls continue to fight to turn $55 into support.
Solana price analysis for May 16, 2022, ends on a bearish note for the coin as bulls continue to fight to turn $55 into support.

Solana price analysis for May 16, 2022, comes on a bullish note for the token with a 10% price region in the last 24 hours and it seems that we can expect higher prices for the SOL coin in the coming days. Furthermore, in our SOL price analysis for May 15, 2022, we saw the SOL coin drop as low as $45 where a strong buying pressure was seen which pushed the token back above the $55 price region with a 10% price surge. At the time of writing, the SOL token ranks at 8th position in the crypto market.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 0.69% in the last 24 hours, followed by a 10.84% surge in the market cap. The Market Dominance of the Solana token surged to 1.44%, while the Volume / Market Cap Ratio stands at 0.09902.

The daily candle for Solana was initiated at a price of $58.83 and reached a daily high of $58.83. Furthermore, the daily low for SOL was seen at $55.31, while the price of 1 SOL at the time of writing was $55.97. 

Solana price analysis from the daily chart for May 16

Solana price analysis for May 16, 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 are coming close so, we can expect SOL to undergo a bullish divergence soon.

The RSI indicator reads a value below 35 which means that overall, the bears are in control while the gradient of the line suggests that lower prices are possible.

The price action for Solana rests in the lower end of the Bollinger Bands but we can expect the coin to retest the middle zone soon.

Conclusion

Solana price analysis for May 16, 2022, ends on a bearish note for the coin as bulls continue to fight to turn $55 into support.

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