Solana drops nearly 7% as chances of SOL breaking below $80 are high

Solana price analysis for March 7, 2022, comes on a bearish note for the token, which has fallen by more than 7% in the last 24 hours, followed by a huge drop in the last few months. The SOL price analysis for March 4, 2022, confirmed that the token turned bearish and fell below the $90 price level. 

The data from CoinMarketCap shows that the trading volume of the token has shot up by a whopping 28.64% in the last 24 hours, followed by another 6.45% drop in the market cap. It is also important to note that the Market Dominance of the token has dropped to a value of 1.56%, while the Volume / Market Cap Ratio is valued at 0.06145.

The daily candle for Solana started at a price of $84.58 and reached a daily high of $84.79. Furthermore, the daily low for the token stands at a price of $82, while the price of 1 SOL at the time of writing is $83.03. Furthermore, as compared to the current prices, SOL is around 67.86% low than its all-time high.

Solana price analysis from the daily chart for March 7

Solana price analysis for March 7 shows that the token has turned bearish following a huge surge in selling volume.

Source: TradingView

The MACD indicator shows that the MACD line is breaking below the signal line, which means that the bears are in control and the downtrend will continue. 

The RIS indicator reads a value of 39.29 which means that the selling pressure is defeating the buyers and lower prices are possible in the near future. 

The price action remains in the lower end of the Bollinger Bands, and chances of SOL breaking out from the lower end of the Bands are very high.

Conclusion

The Solana price analysis on the daily chart for March 7, 2022, concludes that we might see the SOL token below $80 in the coming days if the market doesn’t return to its bullish roots.