Solana weekly candle shows that $80 needs to hold as support

Solana price analysis for March 15, 2022, confirms that the SOL token continues on its bearish path with no sign of relief from anywhere. It has been months since the token has seen an engulfing weekly candle. As per our analysis, the last major green weekly engulfing candle was witnessed in November when the token went to achieve an all-time high of $260. Also, for a brief moment, SOL lost $80 support but is now back above it, as noted in our SOL price analysis for March 14.

The data from CoinMarketCap shows that the trading volume of the token surged 1.27% in the last 24 hours, followed by a 0.46% drop in the market cap. The Market Dominance of the Solana token has dropped to a value of 1.50%, while the Volume / Market Cap Ratio stands at 0.05922.

The daily candle for Solana started at a price of $81.23 and reached a daily high of $81.55. Furthermore, the daily low for SOL was seen at $79.30, while the price of 1 SOL at the time of writing is $79.98.

Solana price analysis from the daily chart for March 15

Solana price analysis for March 15 will be using 3 major indicators in the crypto space to point out the chances of a bullish breakout.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are nearly overlapping each other with neither the bulls nor the bears gaining a clear advantage.

The RSI indicator shows a value of 40.26 which means that overall, the price action is bearish and Solana might drop further today as the gradient of the line is negative.

Moreover, the price action is situated in the lower end of the Bollinger Bands as the bands start to expand hinting that prices might crash out of the lower end.

Conclusion

The Solana price analysis for March 15, 2022, confirms that the token might lose the $80 price support if bearish conditions prevail.