Solana loses the $121 price level as bears take charge

Solana price analysis for April 1, 2022, confirms that the token has turned bearish following a huge surge in selling pressure as the token has lost the $121 price region. As noted in our SOL price analysis for March 31, 2022, TheCoinRise confirmed that SOL reached a monthly high of $120 but the chances of retaining this region were also quite low. The nearest support for the token is around the $115 price region and it seems that we might see SOL retest them. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 8.26% in the last 24 hours, followed by a 0.63% drop in the market cap. The Market Dominance of the Solana token rose to 1.91%, while the Volume / Market Cap Ratio stands at 0.1068.

The daily candle for Solana was initiated at a price of $122.79 and reached a daily high of $124.94. Furthermore, the daily low for SOL was seen at $117.39, while the price of 1 SOL at the time of writing is $118.91.

Solana price analysis from the daily chart for April 1

Solana price analysis for April 1 will take into account the data from the chart below which includes 3 of the biggest indicators placed on the daily chart.

Source: TradingView

The RSI indicator shows a value above 68 which shows that the token is still quite bullish and the gradient of the line suggests that the chances of seeing lower prices are quite high.

Furthermore, the MACD indicator fr Solana confirms that the MACD line remains above the signal line as the MACD histogram also remains bullish for the daily chart.

The price action for Solana has finally reclaimed the upper region and broken out of the upper end of the Bollinger Bands. This means that we might see higher price levels in the coming days.

Conclusion

Solana price analysis for April 1, 2022, confirms that if the current correction in the market doesn’t hold for long, we might see SOL make a move towards $150.