Solana price analysis for March 2 confirms that the token has turned bullish and finally broken above the $100 price level, which has been an important resistance level for the token. The next step would be to reclaim the $120 price level, which is another huge resistance for the token, as seen in our SOL price analysis for February 15. The token needs to turn $100 into a support level.
The data from CoinMarketCap shows that the trading volume of the token has dropped 6.32% in the last 24 hours, followed by a 7.58% surge in the market cap. It is also important to note that the Market Dominance of the token has a value of 1.71%, while the Volume / Market Cap Ratio is valued at 0.103.
Another critical fact to note is that the daily candle for Solana started at a price of $98.65 and reached a daily high of $105.34. Furthermore, the daily low for the token stands at a price of $96.76, while the price of 1 SOL at the time of writing is $104.66, which is around 59.85% low than the all-time high. Also, $120 is now the next important price resistance.
Solana price analysis from the daily chart for March 2
Solana price analysis for March 2 will be completed using three major indicators on the daily chart.
MACD line has broken above the signal line, which confirms a bullish divergence and might lead to an uptrend formation.
The RSI has a value of 54.88 which means that bulls are in charge, and the chances of SOL making higher highs are increasing. The gradient of the line for today is positive, meaning higher prices are possible.
The price action now aims to break out of the upper end of the Bollinger Bands, which would mean that Solana is now bullish.
Solana price analysis for March 2 can be confirmed on a bullish note for the token as the $100 resistance finally breaks.