Solana price analysis for Feb 22, 2022, confirms that the token has turned bearish and with a huge surge in bearish pressure in the entire market, the token nears a very important price level of $80. If SOL breaks below this, we might witness the token revisit levels not witnessed in months. As seen in our SOL price analysis for Feb 21, the token broke the important support of $94 and now continues to drop.
The data from CoinMarketCap shows that the trading volume of the token surged 28.48% in the last 24 hours followed by a 13.48% drop in the market cap. Moreover, the token is currently 68.57 from its all-time high. The Market Dominance of the token stands at a rate of 1.59%, while the Volume / Market Cap Ratio has a value of 0.109.
The daily candle for SOL opened at a price of $82.95 and reached a daily high of $84.6. Moreover, the daily low for the token stands at $81.12, and the price of 1 SOL at the time of writing is $81.23.
Solana price analysis for Feb 22 on the daily chart
Solana price analysis for Feb 22 can be confirmed on a bearish note using 3 of the most important indicators in the crypto space.
The RSI indicator shows that the token is about to enter the oversold levels and currently reads 32.53. Moreover, the gradient of the line is negative which means that lower prices are possible for today.
The MACD indicator shows that the MACD line (blue) continues to progress below the signal line (orange), confirming that bearish is in charge.
The price action now aims to retest the lower end of the Bollinger Bands and the probability of SOL breaking out of the lower end of the Bands is high.
Solana price analysis for Feb 22, 2022, can be concluded on a bearish note and also, there is a huge possibility that SOL might fall below $80 in the coming days.
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