Solana price analysis: SOL above $110, $107 remains as support

Solana price analysis for February 2 comes with a bullish indication of prices. The token remains the 7th biggest cryptocurrency in the market as the price of SOL at the time of writing is $112. The market dominance of the token nears 2%. Moreover, if you want to know more about the proof-of-history (PoH) based token, read our SOL guide. 

The data from CoinMarketCap shows that the trading volume of the SOL token rose 7.27% in the last 24 hours, followed by a 4.30% in the market cap. In the last 7 days, the SOL token has surged nearly 16%. Moreover, the daily candle for February 2 opened the daily candle at $109.9 and reached a daily high of 112.35. However, there are chances of higher prices today. 

Furthermore, Solana-based platforms are also performing quite well. Recently, the Solana-based Non-Fungible Token (NFT) secondary marketplace reached more than $500 million in sales, TheCoinRise reported in a recent report. Also, an SOL-based asset management protocol, Synchrony, raised $4.2 million in sales.

Solana price analysis on the daily chart

The Accumulation/Distribution (A/D) line on the Solana daily chart below shows that after a large-scale shorting, the SOL token is once again being accumulated. The line is making higher highs with a sharp positive gradient. The next important move for SOL would be to reclaim $115.

Source: TradingView

The RSI line is also making higher highs, and it is likely that the SOL will reclaim $120 in the near future. At the time of writing, the token is just below the 50-mark of the RSI indicator. The line has surged sharply after visiting the oversold levels, as per our Solana price analysis for January 25, 2022. 

Source: TradingView

Conclusion

Solana price analysis for February 2 ends on a bullish note. Many investors have compared Ethereum to Solana and the founder of Real Vision, Raoul Pal, stated that Solana is the Ethereum of this cycle. It seems that SOL is gearing up for another ATH in 2022 but, it is too early to confirm this.