Solana revisits $94: SOL Needs to reclaim $100 soon or risk losing $94

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Solana price analysis for Feb 18, 2022, confirms that the token has been making big strides since 2021. But, in the year 2022, the token hasn’t seen much growth and is nearly 63.83% low from its all-time high witnessed on Nov 06, 2021. Moreover, as predicted in our SOL price analysis for Feb 17, 2022, the token has failed to hold $100 as support. 

The data from CoinMarketCap shows that the trading volume of the token surged 9.47% in the last 24 hours, followed by a 7.41% drop in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at a value of 0.06589, while the Market Dominance of the token currently rests at 1.62%.

The daily candle of the token opened at a price of $93.55, a support region, reaching a daily high of $95.52. Moreover, the daily low for the token stands at $92.75, while the price of 1 SOL at the time of writing stands at $94.7. 

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Solana price analysis on the daily chart

Solana price analysis on the daily chart for Feb 18, 2022, confirms that the token is following a bearish trajectory and lower prices are possible. However, here are 3 important indicators that will tell you more.

Source: TradingView

The RSI line continues in the bearish region with a negative gradient overall but is slightly neutral at the time of writing. The RSI reads 39.38, which means that lower prices are possible. 

The MACD indicator shows that the MACD line (blue) is touching the signal line (orange), which means that if $93 fails as support, Solana might revisit $80.

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The price action now aims to break out from the lower end of the Bollinger Bands, which means that $93 might fail as support. It is imperative that SOL reclaims $100. 

Conclusion

After a miraculous price surge in 2021, Solana bulls seem to be exhausted as the SOL token fails to break above $120 strong resistance over and over again. It seems that the bearish trend might continue.

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