Solana loses $88 price level after SOL bulls fail to consolidate above $90

Solana price analysis for March 21, 2022, confirms that the chances of the smart contracts platforming turning bullish and breaking $100 continue to decline as SOL has lost the $88 price support. Moreover, the token has also failed to consolidate prices above $90 since the $91 price level is an important resistance. TheCoinRise noted in our SOL price analysis for March 18 that a major support level for SOL is $85.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 24.15% in the last 24 hours, followed by a 2.89% drop in the market cap. The Market Dominance of the Solana token remains at 1.52%, while the Volume / Market Cap Ratio stands at 0.04564. Solana is currently ranked as the 9th biggest cryptocurrency in the market.

The daily candle for Solana started at a price of $88.62 and reached a daily high of $89.18, facing resistance at $90. Furthermore, the daily low for SOL was seen at $86.74, while the price of 1 SOL at the time of writing is $87.93.

Solana price analysis from the daily chart for March 21

Solana price analysis for March 21 can be confirmed using the 3 indicators on the daily chart below.  

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the former might lose their positive above the latter, leading to a bearish divergence.

The RSI indicator reads a value of 48.49 which means that the selling pressure is in control as bears maul the bulls turning the price action bearish. The gradient of the line suggests that we might witness lower prices for SOL.

The price action for Solana is retesting the middle zone of the Bollinger Bands as chances of it dropping to the bearish zone of the Bands are quite high. 

Conclusion

Solana price analysis for March 21, 2022, ends on a bearish note for SOL as the token failed to consolidate above $90 and might test the $85 support.