Solana reclaims $100 and is once again the 6th largest coin by market cap

Solana price analysis for April 26, 2022, comes on a bullish note for the token with high chances of reclaiming the $110 price region in the coming days if the bullish volume continues to prevail. On the other hand, we also noted in our SOL price analysis for April 25, 2022, that the token lost the important support of $90, and as a result, a retracement towards the lower $80s was possible. However, the bulls jumped into the driver’s seat in the last 24 hours as SOL once again reclaimed the $100 price level. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 19.04% in the last 24 hours, followed by a 5.77% surge in the market cap. The Market Dominance of the Solana token rests at 1.80%, while the Volume / Market Cap Ratio stands at 0.03877.

The daily candle for Solana was initiated at a price of $100.98 and reached a daily high of $101.98. Furthermore, the daily low for SOL was seen at $99.92, while the price of 1 SOL at the time of writing was $100.94.

Solana price analysis from the daily chart for April 26

Solana price analysis for April 26, 2022, will take into account the data from the daily chart below, which includes a few of the most crucial indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line, but the chances of bullish divergence on the daily chart have increased for Solana. 

The RSI indicator reads a value below 46 which means that the bulls aim to take over the price action and break all resistance levels.

The price action for SOL is situated in the lower end of the Bollinger Bands, which confirms that a bearish breakout might follow in the coming days. 

Conclusion

Solana price analysis for April 26, 2022, ends on a bullish note for the token, but the chances of losing $100 are still considerable.