Solana rebounds from $45 price region: Is the worst over?

Solana price analysis for May 15, 2022, ends on a bearish note for the coin as bulls continue to fight for the $50 support.
Solana price analysis for May 15, 2022, ends on a bearish note for the coin as bulls continue to fight for the $50 support.

Solana price analysis for May 15, 2022, comes on a bearish note for the SOL token as it has lost 3% of its value in the last 24 hours. Meanwhile, the bears remain in control of the price action and we can expect SOL to drop further if the buying volume doesn’t increase. In the last 24 hours, we have seen a price drop of more than 3% after SOL rebounded from the $46 price region and went on to break the $50 region. As noted in our SOL price analysis for May 14, 2022, it is imperative that SOL retains price action above $50.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 31.86% in the last 24 hours, followed by a 3.05% drop in the market cap. The Market Dominance of the Solana token dropped to 1.34%, while the Volume / Market Cap Ratio stands at 0.1103.

The daily candle for Solana was initiated at a price of $52.43 and reached a daily high of $52.83. Furthermore, the daily low for SOL was seen at $49.63, while the price of 1 SOL at the time of writing was $50.67. 

Solana price analysis from the daily chart for May 15

Solana price analysis for May 15, 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 confirms that the bears are in possession of the price action for Solana. The gradient, on the other hand, indicates sluggishness.

The MACD indicator shows that the MACD line remains below the signal line the MACD although the two are coming close and can expect SOL to undergo a bullish divergence soon.

The price action for Solana rests in the lower end of the Bollinger Bands indicating the selling pressure is still high.

Conclusion

Solana price analysis for May 15, 2022, ends on a bearish note for the coin as bulls continue to fight for the $50 support.

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