Solana in danger of falling below $90: What’s the next move?

Solana price analysis for March 4 confirms that the token has turned bearish following a huge surge in selling pressure in the last 24 hours. Moreover, the token has formed a 2nd bearish candle on the daily chart. The data from our Solana price analysis for March 3 confirmed that the token failed to retain prices above $100, and we expected it to drop below $93. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 36.36% in the last 24 hours, followed by a 6.73% drop in the market cap. It is also important to note that the Market Dominance of the token has dropped to a value of 1.62%, while the Volume / Market Cap Ratio is valued at 0.08116.

The daily candle for Solana started at a price of $95.63 and reached a daily high of $95.94. Furthermore, the daily low for the token stands at a price of $91.18, while the price of 1 SOL at the time of writing is $91.80. Another important fact is that SOL is around 65% low from its all-time high.

Solana price analysis from the daily chart for March 4

Solana price analysis for March 4 can be confirmed bearish as the token has dropped below the important price level of $93.

Source: TradingView

The RSI line shows a value of 44.98, while the gradient of the line is negative for today. This means that lower prices are possible in the near future. 

The MACD indicator shows that the MACD line remains above the signal line, which means that the bulls are still in charge. The histogram is also bullish with green bars. 

The price action has failed to gain momentum in the bullish region of the Bollinger Bands, and as a result, the Solana token now aims to break below the middle zone.

Conclusion

Solana price analysis for March 4 can be confirmed on a bearish note as the token failed to break and maintain prices above $100.