Solana reclaims $102 despite a surge in trading volume

Solana price analysis for April 19, 2022, comes on a bearish note for the SOL token while chances of losing the $100 price region as support remain low. This is because the $100 price region has been holding support for a long time now, as per our SOL price analysis for April 18, 2022, and it seems that we can expect the same in the coming days as well. Moreover, the SOL token aims to make higher highs in the coming days with another increase in the trading volume. However, it is advised to wait it out.

The data from CoinMarketCap shows that the trading volume for SOL surged by 68.89% in the last 24 hours, followed by a 0.88% surge in the market cap. The Market Dominance of the Solana token dropped to 1.80%, while the Volume / Market Cap Ratio stands at 0.05565.

The daily candle for Solana was initiated at a price of $102.37 and reached a daily high of $103.79. Furthermore, the daily low for SOL was seen at $101.78, while the price of 1 SOL at the time of writing was $102.01.

Solana price analysis from the daily chart for April 19

Solana price analysis for April 19 will take into account the data from the chart below which includes a few of the biggest indicators in the crypto space.

Source: TradingView

The RSI indicator shows a value below 46 which means that the bears are currently in control of the price action and the gradient of the line suggests sluggish movement for Solana.

The MACD line is below the signal line as per the MACD indicator which means that the bears are overall in control of the price action.

The price action for SOL is situated in the lower end of the Bollinger Bands which shows that there are high chances of losing $100 as support if bulls don’t take over.

Conclusion

Solana price analysis for April 19, 2022, ends on an optimistic note for SOL until the $100 price level holds as support.