Solana remains below $90: A good position to buy?

Solana price analysis for May 3, 2022, comes on a bearish note for the token with low chances of reclaiming the $90 price level that it had lost earlier. Furthermore, the downtrend for the token continues to develop and it seems that we might see a bearish price trajectory until the token reclaims the $100 price level, the chances of which seem quite low for now. Moreover, as noted in our SOL price analysis for May 2, 2022, the token has seen important support at the $80 price region. However, we can expect further low prices in the near future.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 0.47% in the last 24 hours, followed by a 1.20% drop in the market cap. The Market Dominance of the Solana token dropped to 1.70%, while the Volume / Market Cap Ratio stands at 0.04173.

The daily candle for Solana was initiated at a price of $87.49 and reached a daily high of $88.81. Furthermore, the daily low for SOL was seen at $86.72, while the price of 1 SOL at the time of writing was $88.44.

Solana price analysis from the daily chart for May 3

Solana price analysis for May 3, 2022, will take into account the data from the daily chart below and 3 major indicators integrated into it. 

Source: TradingView

The RSI indicator reads a value below 39 which confirms that the bears are in control of the price action and the gradient of the line suggests that lower prices will follow.

The MACD indicator shows that the MACD line and the signal line are still away from each other as the latter dominates and the MACD histogram is also bearish.

The price action for Solana is situated in the lower end of the Bollinger Bands and investors can expect a bearish breakout in the coming days.

Conclusion

Solana price analysis for May 3, 2022, ends on a bearish note for the token with considerable chances of retaining $80.