Solana fails to retain $100: Retest of $93 possible

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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.

Solana price analysis

Source: TradingView

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. 

Conclusion

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.

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