Solana revisits $93, the time to buy the dip has come

Solana price analysis for Feb 14 confirms that the token is once again bearish. After failing to break above the $120 price resistance, as seen in SOL price analysis for Feb 7, 2022, the token fell below $100. The token initiated February on a bullish note, following the launch of Solana Pay but was unable to maintain the same. 

The data from CoinMarketCap shows that the token opened the day at a price of $92.85 and reached a daily high of $94. On the other hand, the daily low for the token stands at a price of $90.72. The price of 1 SOL at the time of writing stands at $93.14.

Moreover, the trading volume of the token dropped 20.46% in the last 24 hours, followed by a 1.47% drop in the market cap. The Market Dominance stands at 1.60% while the Volume / Market Cap Ratio has a value of 0.04325. Overall, the token is still stuck in a downtrend while investors are once again presented with buying opportunities.

Solana price analysis on the daily chart

Solana price analysis on the daily chart confirms that the RSI indicator is quite bearish, with the RSI line dipping below the 50 mark. The gradient of the line is negative, which means that higher prices are definitely possible.

Source: TradingView

The price action failed to break out of the upper end of the Bollinger Bands and now have once again entered the bearish zone of the Bands.

Source: TradingView

The price chart below shows that the MACD line (blue) is touching the signal line (orange), which means that a bearish divergence awaits. If Solana falls below $90, we might see a bearish divergence followed by much lower prices.

Source: TradingView

Conclusion

The Solana price analysis for Feb 14, 2022, can be concluded on a bearish note, and the support region near $90 is very crucial for future SOL prices. It can be expected that if this support breaks, we might see SOL near the $70-$80 price region.