Solana reclaims $94 support: Next stop above $100

Solana price analysis for March 1 comes on a bullish note for the token, which has surged more than 11% in the last 24 hours, maintaining its position among the top 10 cryptocurrencies in the crypto space. Moreover, TheCoinrise noted in the SOL price analysis for February 28 that the $90-$94 price resistance was quite strong, but the bulls managed to break through it. It is important that this region is converted into support. 

The data from CoinMarketCap shows that the trading volume of the token has surged 78.96% in the last 24 hours, followed by an 11.54% surge in the market cap. It is also important to note that the Market Dominance of the token has a value of 1.62%, while the Volume / Market Cap Ratio is valued at 0.1213.

Another critical fact to note is that the daily candle for Solana started at a price of $99.67 and reached a daily high of $101.09. Furthermore, the daily low for the token stands at a price of $95.05, while the price of 1 SOL at the time of writing is $96.69, which is around 63.15% low than the all-time high. Also, $100 has turned into an important price resistance.

Solana price analysis from the daily chart for March 1

Solana price analysis for March 1 will be implemented using three major indicators on the daily chart, which have been used for ages.

Source: TradingView

The MACD indicator shows that the MACD line has broken above the signal line, which means that the token has turned bullish and higher prices will follow. 

The RSI line remains below the 50 mark and reads 48.76. It can be expected that the bulls might soon take charge leading to higher prices for Solana. 

The price action has broken into the bullish end of the Bollinger Bands, which means that the bullish pressure is in control for Solana.

Conclusion

Solana price analysis on the daily chart for March 1 can be concluded on a bullish note, and the chances of SOL breaking $100 are high.