Solana rebounds strongly from $79 and now back above $81: What’s next?

Solana price analysis for March 16, 2022, confirms that the smart contract platform has
turned bullish following a huge surge in buying pressure and has rebounded sharply from the $79 price level which acted as a major support. $80 price is a very critical point in the price trajectory of the token. As noted in our SOL price analysis for March 15, 2022, the $80 price level is also important in terms of the weekly chart.

The data from CoinMarketCap shows that the trading volume for SOL tanked 2.76% in the last 24 hours, followed by a 1.95% rise in the market cap. The Market Dominance of the Solana token has surged to 1.53%, while the Volume / Market Cap Ratio stands at 0.06074.

The daily candle for Solana started at a price of $82.84 and reached a daily high of $83.53. Furthermore, the daily low for SOL was seen at $83.61, while the price of 1 SOL at the time of writing is $82.87.

Solana price analysis from the daily chart for March 16

Solana price analysis for March 16 will take into consideration around 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other which means that chances of a bearish breakout might be quite high. On the other hand, chances of a bullish breakout are equally likely.

The RSI indicator reads a value of 43.23 which means that the bears are in control overall but the gradient of the line shows that the bulls are giving the fight to the bulls. Higher prices are possible.

The price action is situated in the lower end of the Bollinger Bands which means that Solana bulls might try to test the middle zone of the Bands.

Conclusion

Solana price analysis for March 16, 2022, ends confirming the fact that the stagnant motion of SOL might dominate the price trajectory in the coming days as well.