Solana nears $100 once again: Set to break through?

Solana price analysis for May 5, 2022, comes on a bullish note for the token with high chances of losing the $100 price region in the coming days. Furthermore, as noted in our SOL price analysis for May 4, 2022, the token has seen increased resistance at the $90 price region but the bulls were able to push SOL above this region. The next important region for the SOL token lies at the $100 price level which it needs to reclaim in order to continue and confirm an uptrend. In the last 24 hours, the price of Solana surged by 9%.

The data from CoinMarketCap shows that the trading volume for SOL surged by 53.86% in the last 24 hours, followed by a 9.45% surge in the market cap. The Market Dominance of the Solana token rose to 1.75%, while the Volume / Market Cap Ratio stands at 0.04882.

The daily candle for Solana was initiated at a price of $92.77 and reached a daily high of $95.25. Furthermore, the daily low for SOL was seen at $92.67, while the price of 1 SOL at the time of writing was $94.35. 

Solana price analysis from the daily chart for May 5

Solana price analysis for May 5, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it. 

Source: TradingView

The RSI indicator reads a value below 47 which means that the bulls are taking control of the price action and investors can expect SOL to make a move towards $100 soon.

The MACD indicator shows that the MACD line is touching the signal line and if Solana sees an increase in price, we might see a bullish divergence on the daily chart as well.

The price action for Solana is situated in the lower end of the Bollinger Bands but the bulls are trying to break above the middle zone.

Conclusion