Solana above the $81 support: Indicators confirm a bearish breakout

Solana price analysis for March 11, 2022, confirms that the SOL token has turned bearish following the onset of a sudden bearish sentiment in the market. Moreover, the token is above the important support level of $81. There is a chance that we might see Solana break below this support as the token found heavy resistance at $90, covered in our SOL price analysis for March 10.

The data from CoinMarketCap shows that the trading volume of the token has broken down by 19.13% in the last 24 hours, followed by a 6.19% drop in the market cap which stands at $26.4 billion. The Market Dominance of the token has dropped to a value of 1.52%, while the Volume / Market Cap Ratio is valued at 0.08115.

The daily candle for Solana started at a price of $87.86 and reached a daily high of $83.17. Moreover, the daily low for the token stands at a price of $81.29, while the price of 1 SOL at the time of writing is $81.59.

Solana price analysis from the daily chart for March 11

Solana price analysis for March 11 shows that the token might lost the $81 price support if the selling volume continues to surge.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and chances of a bearish drop are high.

Moreover, the RSI indicator shows a value of 40.20 followed by a negative gradient of the line which means that lower prices will follow for Solana in the short term.

The price action has dropped to the lower end of the Bollinger Bands as we witness a second bearish daily candle showing that the selling pressure and chances of a bearish outburst are very high.

Conclusion

Solana price analysis for March 11 can be confirmed on a bearish note for SOL as it’s possible that the token loses the $81 price support.