Solana unable to push above $110 as price action turns sluggish

Solana price analysis for April 21, 2022, comes on a sluggish note for the token as the bulls haven’t been able to push above the $110 price region which is an important area of resistance for the token. Moreover, the chances of SOL retaining prices above $100 in the coming days are also very high. In the past few days, the SOIL token has performed extremely well and we can expect similar movement for the token in the near future. As per our SOL price analysis for April 20, 2022, the trading volume needs to be higher to see a breakout. 

The data from CoinMarketCap shows that the trading volume for SOL dropped by 2.78% in the last 24 hours, followed by a 1.51% surge in the market cap. The Market Dominance of the Solana token dropped to 1.84%, while the Volume / Market Cap Ratio stands at 0.04753.

The daily candle for Solana was initiated at a price of $105.5 and reached a daily high of $107. Furthermore, the daily low for SOL was seen at $105.3, while the price of 1 SOL at the time of writing was $106.6.

Solana price analysis from the daily chart for April 21

Solana price analysis for April 21 will take into account the data from the chart below which includes 3 of the biggest indicators in the TA world.

Source: TradingView

The RSI indicator shows a value above 50 which means that the bears and the bears are fighting for control over the Solana price action and it will be interesting to see who wins.

The MACD indicator shows that the MACD line is below the signal line but the two lines are coming closer to confirm a bullish divergence.

The price action is testing the middle zone of the Bollinger Bands which means that higher prices might be in store for the investors.

Conclusion

Solana price analysis for April 21, 2022, ends on a sluggish note for the token with high chances of breaking above $110.