Solana able to retain prices above $91 but for how long?

Solana price analysis for March 23, 2022, comes riding on a bearish vehicle for the Ethereum killer as the chances of losing the $91 price level seem to be quite high. It is important to note that as per our SOL price analysis for March 22, 2022, the token moved past the $90 price resistance and then made the $91 price level minor support. But, we have also noted that the $93 price level has been a critical price level in the movement of SOL which the lost has failed to reclaim. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 13.39% in the last 24 hours, followed by a 1.32% surge in the market cap. The Market Dominance of the Solana token remains at 1.52%, while the Volume / Market Cap Ratio stands at 0.06434.

The daily candle for Solana started at a price of $90.44 and reached a daily high of $91.29. Furthermore, the daily low for SOL was seen at $89.19, while the price of 1 SOL at the time of writing is $90.78.

Solana price analysis from the daily chart for March 23

Solana price analysis for March 23 can be confirmed on the basis of the 3 major indicators on the daily chart shown below.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line while the MACD histogram is also bullish. Moreover, the two lines are coming very close.

The RSI indicator reads a value of 51.92 which means that the selling pressure is gradually increasing as the chances of losing the $91 price level is quite high. 

The price action for Solana aimed to break out of the upper end of the Bollinger Bands but failed to do so and as a result, the prices currently remain stagnant in the upper region.

Conclusion

Solana price analysis for March 23, 2022, ends on a bearish note for SOL token as chances of retesting $88 in the future are high.