Solana price analysis on the daily chart for Feb 10, 2022, confirms a bearish scenario for the token, which follows the proof-of-history consensus. Moreover, the token has fallen to the 8th position in the market, a position last witnessed in our Solana price analysis for Jan 28, 2022, when the token was priced below $92.
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On the other hand, the world’s biggest cryptocurrency, Bitcoin, has been sluggish for the day, too, following our Bitcoin price analysis for Feb 10, 2022. The resistance of $45K remains a strong point for the world’s biggest cryptocurrency. Meanwhile, Ethereum has also met a $3.3K resistance zone, as per our Ethereum price analysis for Feb 10, 2022.
The data from CoinMarektCap shows that the trading volume of the token dropped 32.56% in the last 24 hours, followed by a 0.39% drop in the market cap. Moreover, the Volume / Market Cap Ratio for SOL stands at a value of 0.04993. On the other hand, the Market Dominance for SOL stands at 1.76%.
The daily candle for SOL opened the daily candle at a price of $113.96 and reached a daily high of $114. On the other hand, the daily low for the token stands at a price of $110.80. Meanwhile, the SOL token is nearly 57.15% low from its all-time high of $260.06 witnessed on Nov 06, 2021.
Solana price analysis on the daily chart
Solana price analysis on the daily chart shows that the token aims to break from the upper end of the Bollinger Bands. However, a surge in bullish volume is needed.
The RSI line remains in the bearish region and currently reads 4.66, which means that the selling volumes dominate the buying volume.
Conclusion
Solana price analysis on the daily chart can be concluded on a bullish note with strong resistance at $120. According to our Solana price analysis for Feb 8, 2022, it can be confirmed that SOL has been bearish for the past few days. However, TheCoinRise is bullish on Solana for the long term.
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