Solana breaks $90: Investors are advised to wait until SOL moves past $93

Solana price analysis for March 22, 2022, confirms that the SOL token has turned bullish and finally broken the $90 price level. However, as per today’s analysis, investors should watch out for the $91-$93 price zone are which is an area of strong resistance for SOL. We also noted in our SOL price analysis for March 21 that the token did lose the $88 price support but since then has rebounded to the $90 region.

The data from CoinMarketCap shows that the trading volume for SOL surged by 28.20% in the last 24 hours, followed by a 3.45% surge in the market cap. The Market Dominance of the Solana token remains at 1.52%, while the Volume / Market Cap Ratio stands at 0.05696.

The daily candle for Solana started at a price of $88.58 and reached a daily high of $90.79. Furthermore, the daily low for SOL was seen at $88, while the price of 1 SOL at the time of writing is $90.63.

Solana price analysis from the daily chart for March 22

Solana price analysis for March 22 will be using the 3 major indicators on the daily chart which are very important in the field of chart analysis.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are quite close to each other but the former is above the latter showing that bulls are still in charge. The MACD histogram is green and bullish.

The gradient of the RSI line indicates that higher prices will follow today as the value of RSI is above 50 hinting that the buying pressure is quite high.

The price action rests in the upper end of the Bollinger Bands and a breakout from this region would suggest that Solana has broken above $100.

Conclusion

Solana price analysis for March 22 confirms that the chances of Solana turning bullish in the near future are quite high if the resistance zone of $91-$93 breaks.