Solana maintains price above 50 but for how long?

Solana price analysis for May 14, 2022, ends on a bearish note for the coin with considerable chances of retaining the $50 support.
Solana price analysis for May 14, 2022, ends on a bearish note for the coin with considerable chances of retaining the $50 support.

Solana price analysis for May 14, 2022, comes on a bearish note for the coin with increased chances of losing the $50 price region in the coming as the bears are currently in the control of the space and the trading volume continues to decline. The data from our SOL price analysis for May 13, 2022, confirmed that SOL rebounded from the $43 price region and has since then been able to come a long way. However, at the time of writing, we can see that the SOL coin has dropped 1.88% in the last 24 hours while it is currently 80.06% lower than its all-time high.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 37.96% in the last 24 hours, followed by a 1.23% drop in the market cap. The Market Dominance of the Solana token rose to 1.38%, while the Volume / Market Cap Ratio stands at 0.1507.

The daily candle for Solana was initiated at a price of $48.93 and reached a daily high of $53.91. Furthermore, the daily low for SOL was seen at $48.56, while the price of 1 SOL at the time of writing was $51.59. 

Solana price analysis from the daily chart for May 14

Solana price analysis for May 14, 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 RSI indicator reads a value below 30 which means that the chances of making higher highs are quite low. The gradient of the line suggests that the token is still being oversold.

The MACD indicator shows that the MACD line remains below the signal line the MACD as the bears are exerting huge pressure on the price action.

The price action for Solana continues to rest in the lower end of the Bollinger Bands and is stuck in a downtrend.

Conclusion

Solana price analysis for May 14, 2022, ends on a bearish note for the coin with considerable chances of retaining the $50 support.

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