Solana nears $90 price level: $100 coming soon for SOL?

Solana price analysis for Feb 28, 2022, shows that the token is sluggish as the volume is not enough to break through the important resistance that stands at the $90-$94 price zone. Moreover, the SOL price analysis for Feb 25 shows that the $90-$94 price resistance is indeed a very strong one, and chances of SOL surging above it are not very high today. 

The data from CoinMarketCap shows that the trading volume of the token has surged 23.83% in the last 24 hours, followed by a 0.13% price surge in the market cap. It is also important to note that the Market Dominance of the token has a value of 1.63%, while the Volume / Market Cap Ratio is valued at 0.07202.

It is also important to note that the daily candle for Solana started at a price of $85.61 and reached a daily high of $88.05. Furthermore, the daily low for the token stands at a price of $84.17, while the price of 1 SOL at the time of writing is $86.62, which is around 66.40% low from the all-time high.

Solana price analysis from the daily chart for Feb 28

Solana price analysis for Feb 28, 2022, can be noted as sluggish, but we will make use of 3 important indicators to depict the future price trajectory that the token might follow.

Source: TradingView

The MACD indicator shows that the MACD line is very close to the signal line, which means that the volatility of the token is very low for today as bullish volumes have declined. 

The RSI indicator shows a value of 39.96 which means that the bears are in charge and selling pressure is quite high. 

The price action has dropped to the bearish region of the Bollinger Bands, which means that the bears are in charge, and lower prices might follow. 

Conclusion

Solana price analysis for Feb 28 confirms that the token remains bearish, and chances of SOL breaking $90 are not very high.