Solana rebounds from an intra-day low of $126: More fall to come

Solana price analysis for April 5, 2022, comes on a bullish note for the token as chances of SOL breaking into the $150 price region seem high. However, it is also important to note that the token hasn’t been above to maintain prices above the $140 price region which means that the chances of a price retracement towards $120 are likely. On the other hand, we noted in our SOL price analysis for April 4, 2022, that the SOL token is still 50% low when compared to its all-time high of $265.

The data from CoinMarketCap shows that the trading volume for SOL surged by 11.92% in the last 24 hours, followed by a 2.26% drop in the market cap. The Market Dominance of the Solana token dropped to 1.99%, while the Volume / Market Cap Ratio stands at 0.0639.

The daily candle for Solana was initiated at a price of $132.14 and reached a daily high of $132.57. Furthermore, the daily low for SOL was seen at $129.73, while the price of 1 SOL at the time of writing is $132.01.

Solana price analysis from the daily chart for April 5

Solana price analysis for April 5 will take into account the data from the indicators placed on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the MACD histogram also seems bullish. It is also important to note that the two lines are closing in on each other. 

The RSI indicator for Solana shows that the token is currently overbought as the RSI value stands above 71. The gradient of the line suggests that lower prices are possible for SOL.

The price action is situated in the upper end of the Bollinger Bands as chances of losing the $130 price region seem low. 

Conclusion

Solana price analysis for April 5, 2022, ends on a bullish note for the token but additional buying volume is needed to push towards $150.