Solana breaks above $100 as investors start shorting profits

Solana has confirmed a breakout above the $100 price level and it seems that the chances of SOL breaking above the $120 price level are quite high. Moreover, being one of the most bullish tokens in the market, SOL has continued to attain higher highs in recent days. As noted in our SOL price analysis for March 28, 2022, the token broke above the $105 price level. Another important thing to note is that SOL is nearly 60% low than the all-time high. 

The data from CoinMarketCap shows that the trading volume for SOL surged by 67.93% in the last 24 hours, followed by a 3.56% surge in the market cap. The Market Dominance of the Solana token rose to 1.68%, while the Volume / Market Cap Ratio stands at 0.08285.

The daily candle for Solana was initiated at a price of $105.75 and reached a daily high of $111.75. Furthermore, the daily low for SOL was seen at $105.49, while the price of 1 SOL at the time of writing is $110.69.

Solana price analysis from the daily chart for March 29

Solana price analysis for March 29 will take into account the data from the daily chart below and try to predict the future trajectory of the prices:

Source: TradingView

The RSI indicator shows a value above 67 which means that the chances of Solana breaking above the 120 USD price level are high and the RSI line keeps making higher highs. 

The price action broke out from the upper end of the Bollinger Bands which means that soon we can expect SOL to reclaim higher prices as buying pressure is quite high. 

The MACD indicator shows that the MACD line and the signal line are moving apart as the MACD histogram is also bullish.

Conclusion

The Solana price analysis for March 29, 2022, ends on a bullish note for the token as chances of breaking above the $120 resistance are quite high for the near future.