Solana finally back above $120 with a 10% surge in 24 hours

Solana price analysis for March 31, 2022, confirms a bullish trajectory being followed by SOL token as it retains its 8th position in the crypto space. Furthermore, TheCoinRise noted in our SOL price analysis for March 30 that the token will reclaim the important resistance of $115 which came true for today. On the other hand, it is imperative for the token to maintain prices above $115 to confirm the continuation of an uptrend.

The data from CoinMarketCap shows that the trading volume for SOL surged by 26.27% in the last 24 hours, followed by a 9.53% surge in the market cap. The Market Dominance of the Solana token rose to 1.83%, while the Volume / Market Cap Ratio stands at 0.09887.

The daily candle for Solana was initiated at a price of $120.82 and reached a daily high of $123.95. Furthermore, the daily low for SOL was seen at $119.95, while the price of 1 SOL at the time of writing is $120.95.

Solana price analysis from the daily chart for March 31

Solana price analysis for March 31 will only jump to a conclusion after taking into account, the readings from the indicators in the daily chart below.

Source: TradingView

The RSI indicator confirms a value of 73 which means that the token is currently being overbought and it can be said that SOL might see higher prices in the near future. 

The MACD indicator shows that the MACD line is progressing above the signal line which means that the chances of retaining prices above $120 might be high. The MACD histogram is also bullish with green bars.

The price action has broken out from the upper end of the Bollinger Bands which confirms the formation of a minor uptrend for Solana as the token nears the $150 price level. 

Conclusion

Solana price analysis for March 31, 2022, ends on a bullish note for the token as chances of SOL breaking above $150 are high if a similar situation prevails.