Solana nears $110 with a 6% price surge in the last 24 hours

Solana price analysis for April 20, 2022, comes on a bullish note for the token with increased chances of breaking above the $110 price region in the near future. Furthermore, the SOL token has seen a huge surge in price in recent days as well and has found major support at the $100 price region. As noted in our Solana price analysis for April 20, 2022, the token aims to make higher highs in the coming days by breaking through the $110 price region. 

The data from CoinMarketCap shows that the trading volume for SOL dropped by 7.79% in the last 24 hours, followed by a 6.40% surge in the market cap. The Market Dominance of the Solana token surged to 1.88%, while the Volume / Market Cap Ratio stands at 0.04822.

The daily candle for Solana was initiated at a price of $108 and reached a daily high of $109.5. Furthermore, the daily low for SOL was seen at $107.5, while the price of 1 SOL at the time of writing was $108.58.

Solana price analysis from the daily chart for April 20

Solana price analysis for April 20 will take into account the data from the chart below which includes a few of the biggest indicators in the crypto space.

Source: TradingView

The RSI indicator shows a value above 50 which confirms that the bulls have taken control of the price action for Solana and now aim for high prices. 

The MACD indicator shows that the MACD line is below the signal line but the two lines are moving closer to each other with high chances of a bullish divergence. 

SOL price action is situated in the lower end of the Bollinger Bands which means that if a retest of the middle zone is successful, we can expect higher prices in the coming days. 

Conclusion

Solana price analysis for April 20, 2022, ends on a bullish note for SOL as $100 holds as support while chances of breaking above $110 seem high.