Solana's Volatile March 3: Failed Breakout, Bearish Momentum
1min read Solana's price analysis for March 3, 2025, reveals a challenging day for the cryptocurrency, as it failed to break above the $180 resistance level. Despite several breakout attempts, SOL's price remained volatile and uncertain, with traders and investors closely watching its movements.
The day started with an overbought condition on the Relative Strength Index (RSI), leading to resistance at $146.01. A death cross on the Moving Average Convergence Divergence (MACD) line at 1:25 UTC signaled a potential downward movement, pushing the price into a declining trend. Although there were minor fluctuations, the price continued to fall. A golden cross at 6:20 UTC indicated an upward reversal, but momentum was weak, and the price remained in a downward channel. Another death cross at 10:55 UTC confirmed the downward trend, forcing the price to fall further. Oversold conditions on the RSI at 13:30 and 14:15 UTC led the price to find support at $140.04. A golden cross on the MACD line at 14:55 UTC signaled a breakout, pushing the price higher.
This breakout was confirmed by overbought RSI readings at 15:35, 16:15, and 16:30 UTC, suggesting strong bullish momentum. The buying pressure led the price to reach a new resistance level at $179.87. However, a death cross at 17:00 UTC led to a price decline, establishing new support at $165.41. A golden cross at 19:30 UTC suggested a potential price recovery and began an upward trend. Nevertheless, a death cross on the MACD line at 23:55 UTC suggested another downward move, leading the price to close the day on a weaker note.
The trading day of March 3rd began with a continuation of the previous downward trend, fueled by a death cross. The price fluctuated within a downward trading range, with oversold RSI conditions at 2:10 and 2:25 UTC, signaling persistent bearish momentum. Another death cross on the MACD line at 6:00 UTC confirmed further downside pressure, leading to a breakdown below the support 