Solana remains above $100 as volume depletes

Solana price analysis for April 18, 2022, comes on a bearish note for the SOL token which has seen a price drop of over 0.21% in the last 24 hours followed by a drop in trading volume as well. It seems that the investors are right now uncertain of the market movement as the chances of losing $100 as a support region seem quite high. Furthermore, the SOL token is more than 60% low from its all-time high while the SOL price analysis for April 15 noted that investors are bullish on the token. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 46.94% in the last 24 hours, followed by a 0.27% surge in the market cap. The Market Dominance of the Solana token rose to 1.83%, while the Volume / Market Cap Ratio stands at 0.03297.

The daily candle for Solana was initiated at a price of $100.15 and reached a daily high of $101.74. Furthermore, the daily low for SOL was seen at $99.87, while the price of 1 SOL at the time of writing was $101.16.

Solana price analysis from the daily chart for April 18

Solana price analysis for April 18 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 45 which means that the bears are currently in control of the price action as the gradient of the line suggests that sluggish momentum might continue. 

The chances of lower prices seem quite high as the price action is currently situated in the lower end of the Bollinger Bands with high chances of a bearish breakout.

The MACD line is below the signal line for Solana which confirms that overall, bears might take the prices lower.

Conclusion

Solana price analysis for April 18, 2022, ends on a bearish note for the token as investors can expect a price drop in the near future.