Solana loses long-time support of $80: Its time to pack up and leave?

Solana price analysis for March 14, 2022, confirms that the token has turned bearish and finally, lost the strong support at $80. This price range held has support for a long and now, it seems that the crypto winter is upon us. It is also important to note that as per our SOL price analysis for March 11, 2022, the nearest resistance was found at $85 which the token failed to breach on multiple occasions.

The data from CoinMarketCap shows that the trading volume of the token surged 41.33% in the last 24 hours, followed by a 3.86% drop in the market cap which means that the selling volume has increased by a huge amount. The Market Dominance of the Solana token has dropped to a value of 1.48%, while the Volume / Market Cap Ratio stands at 0.05494.

The daily candle for Solana started at a price of $78.72 and reached a daily high of $79.46. Furthermore, the daily low for SOL has a price of $78, while the price of 1 SOL at the time of writing is $79.10.

Solana price analysis from the daily chart for March 14

Solana price analysis for March 14 confirms that the well-known smart contracts platform remains in popularity but the distribution pattern prevails.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other and chances of a bullish break out seem low.

The RSI indicator has a value of 38.81 which means that the selling pressure is quite high and prices remain in the bearish region. The gradient of the line is negative which means that lower prices will follow in the near future as well. 

The price action for Solana is situated in the lower end of the Bollinger Bands which means that a bearish breakout might slay the bulls.

Conclusion

Solana price analysis for March 14, 2022, confirms that on the whole, bears are strong and at an advantage as $80 support was lost.