Solana makes second consecutive bullish candle as chances of breaking $100 are high

Solana price analysis for March 24, 2022, comes on a bullish note for the token which has surged nearly 6% in the last 24 hours as chances of SOL breaking above $100 are very high. Moreover, the chances of SOL overcoming the bearish pressure seem high. As noted in our SOL price analysis for March 23, 2022, the token had a strong resistance above $90 which was broken today and it is imperative for SOL to retain prices above $90.

The data from CoinMarketCap shows that the trading volume for SOL surged by 46.10% in the last 24 hours, followed by a 7.36% surge in the market cap. The Market Dominance of the Solana token rose at 1.60%, while the Volume / Market Cap Ratio stands at 0.07826.

The daily candle for Solana was initiated at a price of $94.88 and reached a daily high of $97.29. Furthermore, the daily low for SOL was seen at $93.26, while the price of 1 SOL at the time of writing is $97.12.

Solana price analysis from the daily chart for March 24

Solana price analysis for March 24, 2022, will make use of 3 of the biggest indicators in the crypto space which will be integrated on the daily chart.

Source: TradingViewThe MACD indicator shows that the MACD line is above the signal line which means that the bulls are in control. Moreover, the MACD histogram is also bullish overall with green bars. 

The RSI line reads a value above 58 which means that the bulls are in control of the price action and the gradient of the line suggests that we will witness higher prices for Solana.

The price action is on the verge of breaking out from the upper end of the Bollinger Bands which is a very bullish scenario for SOL.

Conclusion

Solana price analysis for March 24, 2022, confirms that the chances of SOL breaking above $100 are quite high but prices might cool down a bit after this bullish trend.