Solana price analysis: SOL reclaims $100, a fake breakout?

Solana price analysis brings an optimistic projection for today as the SOL token has reclaimed the $100 but is bearish overall

Solana price analysis brings an optimistic projection for today as the SOL token has reclaimed the $100 but is bearish overall, forming lower lows and lower highs. The token is currently trading at a price of $94.5 and aims to regain the lost support levels. 

The data from CoinMarketCap shows that the trading volume of the SOL token dropped by nearly 19.69% in the last 24-hours. On the other hand, the market cap of the token rose by 4.17% and is currently at $32 billion. 

The daily candle opened the day with a price of $94.5 and rose to a daily high of $104.8 from the daily low of $93.25. It seems that investors are taking advantage of the drop in the prices of SOL tokens.

Comparing the current situation from Jan 20, when SOL fell below $140, as TheCoinRise reported, the token is certainly on a bearish path. 

Solana price analysis on the daily chart

The Solana price analysis on the daily chart shows that the 50-day and 100-day Moving Averages continue above the price action, which is not a very good signal. On the other hand, the prices broke out from the lower end of the Bollinger Bands while buyers were taking advantage.

Solana price analysis
Source: TradingView

The RSI indicator has recovered sharply from the oversold region as SOL is above $100 per coin. There are chances of further growth, but the token is still following a downtrend in the longer term.

Solana price analysis
Source: TradingView

Conclusion

Solana price analysis for today suggests that as the SOL token dropped to the 7th position, the token is trying to reclaim the lost support levels. On the other hand, the SOL token has been underperforming for quite some time. However, the demand for Solana hasn’t been decreased with the recent announcement of the Grayscale Solana Trust, as recently reported by TheCoinRise.

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