Solana breaches $105 as chances of SOL breaking $120 remain high

Solana price analysis for March 28, 2022, comes on a bullish note for the token as SOL has broken above the $105 price level which is a region of important resistance. It is also important to note that the chances of SOL breaking out of the $110 price region remain high. The SOL price analysis for March 25, 2022, confirms that the nearest support for the token rests at $103 as chances of Solana making a move towards $120 are also very high.

The data from CoinMarketCap shows that the trading volume for SOL surged by 38.92% in the last 24 hours, followed by a 5.18% surge in the market cap. The Market Dominance of the Solana token dropped to 1.64%, while the Volume / Market Cap Ratio stands at 0.05058.

The daily candle for Solana was initiated at a price of $107.04 and reached a daily high of $107.71. Furthermore, the daily low for SOL was seen at $105.22, while the price of 1 SOL at the time of writing is $106.78.

Solana price analysis from the daily chart for March 28

Solana price analysis for March 28 will take into account the readings from 3 of the major indicators embedded into the daily chart.

Source: TradingView

The RSI indicator shows a value of 64.93 which means that the chances of Solana retaining the nearest support at $103 are very high and a move towards $110 might be possible. The gradient of the line suggests that higher prices will be seen.

The MACD indicator shows that the MACD line and the signal line are very far apart as bulls remain in control and buying pressure is quite high. 

The price action has broken out of the upper end of the Bollinger Bands which means that the buying pressure has surged by a huge amount and sellers are being dominated by the Solana bulls. 

Conclusion

Solana price analysis for March 28, 2022, confirms that the chances of SOL retaining prices above $105 are very high.