Solana in dangers of falling below $80 as SOL failed to push above $100

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Solana price analysis for Feb 24, 2022, can be confirmed on a bearish note as the token failed to break into the $100 price level and turn $93 into price support. Moreover, the SOL price analysis for Feb 23 showed that the token turned bullish and made an attempt to reclaim $93. The chances of SOL breaking below $80 are relatively high. 

The data from CoinMarketCap shows that the trading volume of the token surged 12.02% in the last 24 hours followed by a 3.50% drop in the market cap. The Volume / Market Cap Ratio has a value of 0.08598 followed by a Market Dominance of 1.60%. Traders can expect the token to remain bearish in the coming days. 

The daily candle for Solana opened at a price of $84.58 and reached a daily high of $85.81. Moreover, the daily low for the token is $81.17. The price of 1 SOL at the time of writing is $81.89. This means that the $80-$81 price zone is holding as support. 

Solana price analysis on the daily chart for Feb 24

Solana price analysis for Feb 24, 2022, can be confirmed on a bearish note using 3 major indicators for the price action on the daily chart.

Solana price analysis

Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange) which means that the chances of breakout in either direction are possible. The MACD indicator remains slightly bearish. 

The RSI indicator shows a value of 34.29 which means that the bears are in control. The gradient of the RSI line is negative for today which means that SOL might break below $80. 

The price action might break out from the lower end of the Bollinger Bands if bulls don’t take over soon. Currently, the prices are testing the lower ends. 

Conclusion

Solana price analysis on the daily chart can be confirmed on a bearish note for Feb 24 as the chances of SOL breaking below $80 are high.

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