Solana in danger of falling below $80: $85 needs to hold as support

Solana price analysis for March 10, 2022, confirms that the token wasn’t able to break above the $90 price level and as a result fell towards the nearest resistance of $85. Moreover, the chances of SOL retaining prices above the $80 price level seem quite low and as per our SOL analysis for March 9, 2022, the token fell to the 9th position. However, looking at the ranking today, we can see that Solana has reclaimed the 8th position in the market.

The data from CoinMarketCap shows that the trading volume of the token has shot up by 24.20% in the last 24 hours, followed by a 3.04% rise in the market cap which stands at $27.8 billion. The Market Dominance of the token has dropped to a value of 1.54%, while the Volume / Market Cap Ratio is valued at 0.09518.

The daily candle for Solana started at a price of $88.06 and reached a daily high of $88.57. Moreover, the daily low for the token stands at a price of $86, while the price of 1 SOL at the time of writing is $86.14.

Solana price analysis from the daily chart for March 10

Solana price analysis for March 10 confirms that the smart contracts platform remains bullish but the indicators have turned bearish.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and we can witness a breakout on either side.

The RSI line has a value of 43.47 and the gradient for Solana is negative which means that lower prices will follow today.

The price action has dropped to the lower end of the Bollinger Bands which means that the bears are now in control and we might witness a bearish breakout in the near future for SOL if the bulls don’t return soon.

Conclusion

Solana price analysis for March 10, 2022, confirms that the token needs to retain prices above $85 and aim to breach $90.