Solana below $90 as indicators show that bulls aim to break the downtrend

Solana price analysis for March 17, 2022, begins on a bullish note for the token which has surged past the important resistance level of $85 and now plans to enter the $90 price level. Reclaiming the $93 price level and turning it into a support region is very important for the bulls but the chances of that seem low as the entire market has gotten stuck below their respective resistances. The SOL price analysis for March 16 noted that the token reclaimed the $81 price level.

The data from CoinMarketCap shows that the trading volume for SOL shot up by 26.49% in the last 24 hours, followed by a 6.04% rise in the market cap. The Market Dominance of the Solana token has surged to 1.57%, while the Volume / Market Cap Ratio stands at 0.0809. The token has jumped to the 8th position in the market.

The daily candle for Solana started at a price of $87.77 and reached a daily high of $89.20, facing resistance at $90. Furthermore, the daily low for SOL was seen at $86.93, while the price of 1 SOL at the time of writing is $88.29.

Solana price analysis from the daily chart for March 17

Solana price analysis for March 17 will take note of the readings from 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line broke above the signal line confirming a bullish divergence as the chances of Solana remaining bullish depend on the $90 price resistance.

Moreover, the RSI indicator shows a value of 49.17 which means that the bulls are gradually returning as the gradient of the line has started making higher highs.

The price action for Solana is situated in the middle zone of the Bollinger Bands which means that the bulls and bears are evenly matched.

Conclusion

The Solana price analysis for March 17, 2022, confirms that the chances of SOL reclaiming $90 seem fairly high but more buying pressure is needed.