Solana prices jumps 5% following a significant surge in trading volume

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Solana price analysis for May 23, 2022, comes on a bullish note for the token with increased chances of breaking the $55 price region if the bulls take charge and remain in control for the next 24 hours. Additionally, as noted in our SOL price analysis for May 22, 2022, the token has a major resistance beyond the $55 price region and it is imperative for SOL to break $60 to confirm an uptrend in the near future. Additionally, the token is more than 70% low than its all-time high witnessed during the month of November 2021.

The data from CoinMarketCap shows that the trading volume for SOL jumped by 42.14% in the last 24 hours, followed by a 5.22% rise in the market cap. The Market Dominance of the Solana token rests at 1.38%, while the Volume / Market Cap Ratio stands at 0.06686.

The daily candle for Solana was initiated at a price of $52.48 and reached a daily high of $53.80. Furthermore, the daily low for SOL was seen at $53.80, while the price of 1 SOL at the time of writing was $53.65. 

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Solana price analysis from the daily chart for May 23

Solana price analysis for May 23, 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 confirming a bullish divergence on the daily chart for the SOL coin.

The RSI indicator reads a value below 39 which means that the selling pressure is gradually lowering and the buyers are taking control of the price action of Solana.

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The price action for Solana is situated in the lower end of the Bollinger Bands which means that bears are in control. But, we can expect a retest of the middle zone soon.

Conclusion

Solana price analysis for May 23, 2022, comes on a bullish note for the token, and chances of breaking $55 seem high.

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