Solana closer to breaking below $80: Time to short SOL or buy more?

Solana price analysis for March 8, 2022, comes on a bearish note for the token which has failed to turn bullish since the mid-November sell-off in the crypto space. Moreover, the chances of SOL making a new all-time high this year might not be very high if similar situations continue. As noted in our SOL price analysis for March 7, the chances of SOL below $80 are very high.

The data from CoinMarketCap shows that the trading volume of the token has shot up by around 38.49% in the last 24 hours, followed by another 1.12% drop in the market cap. It is also important to note that the Market Dominance of the token has dropped to a value of 1.55%, while the Volume / Market Cap Ratio is valued at 0.08618.

The daily candle for Solana started at a price of $81.65 and reached a daily high of $83.01. Furthermore, the daily low for the token stands at a price of $81.30, while the price of 1 SOL at the time of writing is $82.81. It is also important to note that as compared to the current prices, the token is nearly 70% low than its all-time high of $260.

Solana price analysis from the daily chart for March 8

Solana price analysis for March 8 confirms that the Solana token will remain bearish in the near future as indicators are also quite bearish.

Source: TradingView

The RSI indicator reads a value of 39.6 which means that Solana is set to break below $80 as bears are in control. 

The MACD indicator shows that the MACD line has dropped below the signal line which means that SOL has experienced a bearish divergence. 

The prices have also dropped to the lower end of the Bollinger Bands which means that soon, a bearish breakout can be witnessed, crashing the token towards $70.

Conclusion

Solana price analysis for March 8, 2022, confirms that the token has turned bearish while chances of SOL going below $80 are very high.