Solana nears $94 resistance: $100 next aim for SOL

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Solana price analysis for Feb 23, 2022, confirms that the token has turned bullish and reclaimed the important price level above $90. It is important the token reclaims $94 in the coming days. It is a notable fact that the token made a swift recovery after falling below $90, as seen in our SOL price analysis for Feb 22. However, investors should wait for $100.

The data from CoinMarketCap shows that the trading volume of the token dropped 32.90% in the last 24 hours followed by a 7.97 rise in the market cap. Moreover, the Market Dominance of the token rests at 3.99% while the Volume / Market Cap Ratio has a value of 0.06566.

The daily candle for the token opened at a price of $86.39 and reached a daily high of $93.36. Moreover, the daily low for the token stands at a price of $86.08. It is also important to note that the price of 1 SOL at the time of writing is $92.41. The $100 price level is very important for the token.

Solana price analysis on the daily chart for Feb 23

Solana price analysis for Feb 23, 2022, confirms that the token is now aiming for higher prices in the near future. It is also notable that the chart below will use 3 major indicators to predict the price trajectory of the token.

Solana price analysis

Source: TradingView

The MACD indicator shows that the MACD line is almost on the verge of breaking above the signal line which would confirm a bullish divergence.

The RSI indicator shows a value of 42.63 and the gradient of the line is positive. This means that higher prices are possible for the token.

The price action now aims to break into the bullish region of the Bollinger Bands and if successful, we might see higher prices for the token.

Conclusion

Solana price analysis for Feb 23 can be concluded on a bullish note and higher prices can be expected from the token if $100 is reclaimed.

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