Solana fails to retain prices above $90 as bears are retesting $85 support

Solana price analysis for March 18, 2022, confirms that the smart contracts platform has turned bearish following a strong resistance at $90. It is important to note that as per our SOL price analysis from March 17, 2022, the SOL token has confirmed a strong support at $86 which remains strong for now. Moreover, the Solana token has been one of the most bullish tokens in the last year.

The data from CoinMarketCap shows that the trading volume for SOL shot up by 12.33% in the last 24 hours, followed by a 2.24% drop in the market cap. The Market Dominance of the Solana token has dropped to 1.52%, while the Volume / Market Cap Ratio stands at 0.09151. Solana has also lost its 8th position in the market and is back to 9th.

The daily candle for Solana started at a price of $87.80 and reached a daily high of $88.10, facing resistance at $85.55. Furthermore, the daily low for SOL was seen at $85.55, while the price of 1 SOL at the time of writing is $86.97.

Solana price analysis from the daily chart for March 18

Solana price analysis for March 18 will take into account the readings from all the major indicators on the daily chart as seen in the chart below.

Source: TradingView

The MACD indicator shows that the MACD line has broken above the signal line which means that a bullish divergence can be confirmed. The gradient of the line is negative for today.

Moreover, the RSI indicator reads a value of 47.77 which means that the bears are in control and the bulls are gradually losing control of the price action.

The price action for Solana is situated in the lower end of the Bollinger Bands and failed to break above the middle zone of the Bands.

Conclusion

Solana price analysis for March 18, 2022, ends on a bearish note for SOL with high chances of losing the $86 price support.