Solana tries to retain $100: SOL buyers should wait this one out

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Solana price analysis for Feb 17, 2022, confirms that the token has been following a bearish trajectory since the mid-November sell-off of cryptocurrencies. It is to be noted that the token tried to make a move towards $110 but failed to do so, as seen in our SOL price analysis for Feb 16, 2022. It is expected that the token might fall below $100 if the volume drops further. 

The data from CoinMarketCap shows that the trading volume of the token dropped 9.07% in the last 24 hours, followed by a 1.64% drop in the market cap. Moreover, the Market Dominance of the token rests at 1.63%. The Volume / Market Cap Ratio stands at a value of 0.05568. 

The daily candle for the token opened at a price of $101.85 and reached a daily high of $102.82. Moreover, the daily low of the token stands at a price of $100.64. At the time of writing, the price of 1 SOL stands at $100.8. It is to be noted that the token is 60.95% low from its all-time high of $260. 

Solana price analysis on the daily chart 

Solana price analysis on the daily chart for Feb 17, 2022, includes 3 major indicators using which we will try to pinpoint the token’s next movement.

Solana price analysis

Source: TradingView

Solana price analysis for Feb 17, 2022, shows that the RSI continues to progress in the bearish region while the gradient of the line is slightly negative. Currently, the RSI line reads 43.19, which means that bears are in charge. 

The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), which means that the bulls are still fighting tooth and nail. The MACD histogram is also bullish.

Also, the price action is retesting the middle zone of the Bollinger Bands, which, if unsuccessful, might throw the token into a bearish price trajectory.

Conclusion

Solana price analysis for Feb 17, 2022, is ended on a sluggish note, which means that there are chances that if $100 support doesn’t stand, the token might fall towards $93.

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