Solana returns to $50 price region: Bulls back in action?

Solana price analysis for May 22, 2022, comes on a sluggish note for the token, and chances of holding $50 are low.
Solana price analysis for May 22, 2022, comes on a sluggish note for the token, and chances of holding $50 are low.

Solana price analysis for May 22, 2022, comes on a sluggish note for the SOL coin although, in the last 24 hours, we have seen the token break the $50 price region after finding buyers’ support below that price region. There has been a price surge of nearly 1% and it seems that the buying volume remains low for the coin. As noted in our SOL price analysis for May 21, 2022, the token is more than 80% low from its all-time high seen at a price of $260 in the month of November 2021.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 50.34% in the last 24 hours, followed by a 1.90% rise in the market cap. The Market Dominance of the Solana token rests at 1.35%, while the Volume / Market Cap Ratio stands at 0.05183.

The daily candle for Solana was initiated at a price of $50.30 and reached a daily high of $50.74. Furthermore, the daily low for SOL was seen at $49.93, while the price of 1 SOL at the time of writing was $50.15. 

Solana price analysis from the daily chart for May 22

Solana price analysis for May 22, 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 MACD indicator shows that the MACD line has broken above the signal line which means that a bullish divergence on the daily chart can be confirmed.

The RSI indicator reads a value below 35 which means that the selling pressure and the buying pressure are a match as the situation in the market remains unclear.

The price action for Solana rests in the lower end of the Bollinger Bands and it seems that the volume is not enough to break into an uptrend.

Conclusion

Solana price analysis for May 22, 2022, comes on a sluggish note for the token, and chances of holding $50 are low.