Will Solana be able to reclaim $50? Price levels to look out for

Solana price analysis for May 25, 2022, comes on a sluggish note for the token as chances of reclaiming $50 seem low.
Solana price analysis for May 25, 2022, comes on a sluggish note for the token as chances of reclaiming $50 seem low.

Solana price analysis for May 25, 2022, comes on a bearish note for the token with low chances of reclaiming the $50 price region in the next 24 hours if the buying volume doesn’t increase. In the last 24 hours, we saw SOL drop nearly 1% in prices and it seems that the market sentiment remains bearish. As noted in our SOL price analysis for May 25, 2022, there is a major support zone for the token below $50 and it seems that this support region will not hold. Additionally, the nearest resistance for SOL stands beyond $55 price level.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 6.20 in the last 24 hours, followed by a 0.10% drop in the market cap. The Market Dominance of the Solana token dropped to 1.31%, while the Volume / Market Cap Ratio stands at 0.09118.

The daily candle for Solana was initiated at a price of $49.67 and reached a daily high of $50.55. Furthermore, the daily low for SOL was seen at $48.42, while the price of 1 SOL at the time of writing was $49.14. 

Solana price analysis from the daily chart for May 25

Solana price analysis for May 25, 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 remains above the signal line while the intensity of the MACD histogram continues to decrease.

The RSI indicator reads a value below 36 which means that the bears are fighting for their dominance over the Solana price action.

The price action for Solana is situated in the lower end of the Bollinger Bands but it also seems that the retest of the middle zone is likely to happen in the coming days.

Conclusion

Solana price analysis for May 25, 2022, comes on a sluggish note for the token as chances of reclaiming $50 seem low.

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