Solana falls to the 9th position: Prices action for SOL remains sluggish

Solana price analysis for March 9, 2022, confirms that the token has turned bearish and the chances of SOL breaking above $90 are not very high. Moreover, the aims to form support near the $80-$83 price level while the major resistance stands towards the $90 price level which was lost in our SOL price analysis for March 7, 2022. The price action for SOL has turned bearish as it remains 67.75% low than its all-time high of $260.06.

The data from CoinMarketCap shows that the trading volume of the token has dropped by 6.01% in the last 24 hours, followed by a 1.64% rise in the market cap which stands at $26.9 billion. The Market Dominance of the token has dropped to a value of 1.53%, while the Volume / Market Cap Ratio is valued at 0.0794 and the token has dropped to the 9th position in the market.

The daily candle for Solana started at a price of $82.32 and reached a daily high of $84.33. Moreover, the daily low for the token stands at a price of $81.90, while the price of 1 SOL at the time of writing is $83.98.

Solana price analysis from the daily chart for March 9

Solana price analysis for March 9 confirms that there is a chance that SOL might move towards $100 in the near future if similar sentiment continues.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line which means that the chances of a bullish divergence for SOL are very high. 

Moreover, the RSI line shows a value of 40.94 which means that the selling pressure is still defeating the buying pressures and the gradient of the line is positive for today which means that higher prices are possible for today. 

The price action aims to retest the middle zone of the Bollinger Bands which means gradually bulls might finally return. 

Conclusion

Solana price analysis for March 9, 2022, concludes on a bearish note for the token although the chances for SOL making a move towards $90 are high.