Solana once again loses $50: Market turns red

Solana price analysis for May 24, 2022, comes on a bearish note for the token with increased chances of visiting lower $40s.
Solana price analysis for May 24, 2022, comes on a bearish note for the token with increased chances of visiting lower $40s.

Solana price analysis for May 24, 2022, comes on a bearish note for the SOL token with a 7% decline in price in the last 24 hours which suggests that lower prices are definitely possible if the bulls don’t take over in the near future. Additionally, as noted in our SOL price analysis for May 23, 2022, the nearest resistance for the token lies beyond the $55 price region. Furthermore, the nearest support for the token lies below the $50 price level which has been lost as seen in the daily chart below.

The data from CoinMarketCap shows that the trading volume for SOL jumped by 26.73% in the last 24 hours, followed by a 7.06% drop in the market cap. The Market Dominance of the Solana token dropped to 1.34%, while the Volume / Market Cap Ratio stands at 0.09638.

The daily candle for Solana was initiated at a price of $49.17 and reached a daily high of $50.32. Furthermore, the daily low for SOL was seen at $48.89, while the price of 1 SOL at the time of writing was $49.76. 

Solana price analysis from the daily chart for May 24

Solana price analysis for May 24, 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 has broken above the signal line while the MACD histogram has turned bullish as well.

The RSI indicator reads a value below 36 which means that the bears are trying to re-enter the market while the gradient of the line suggests sluggish movement.

The price action for Solana is situated in the lower end of the Bollinger Bands while the chances of retesting the middle zone of the Bands seem quite considerable for the near future.

Conclusion

Solana price analysis for May 24, 2022, comes on a bearish note for the token with increased chances of visiting lower $40s.

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