Solana price analysis for March 3 confirms that the SOL token has turned bearish and fell below the $100 price level. It is expected that the token will retest the $93 price level in the near future, which is a vital point in the token’s journey. Moreover, as per our SOL price analysis for March 2, it is important for the token to turn $100 into a support zone.
The data from CoinMarketCap shows that the trading volume of the token has dropped 3.68% in the last 24 hours, followed by a 4.81% drop in the market cap. It is also important to note that the Market Dominance of the token has dropped to a value of 1.66%, while the Volume / Market Cap Ratio is valued at 0.1071.
Another critical fact to note is that the daily candle for Solana started at a price of $100.69 and reached a daily high of $101.7. Furthermore, the daily low for the token stands at a price of $97.73, while the price of 1 SOL at the time of writing is $98.50, which is around 61.92% low than the all-time high.
Solana price analysis from the daily chart for March 3
Solana price analysis for March 3 will be implemented using three major indicators on the daily chart.
The MACD indicator shows that the MACD line is above the signal line, which means that the bulls are in charge, but the token needs to break above $120 to confirm an uptrend.
The RSI reads 50.16, which confirms that the token is sluggish, and there are chances of SOL falling to the $93 price level.
The price action has surged to the upper end of the Bollinger Bands, which means that prices might attempt a bullish breakout.
Solana price analysis for March 3 can be confirmed on a bearish note for the token, which has fallen below $100 and might fall to $93 in the near future.