Solana price analysis: SOL back above $105

Solana price analysis for Feb 4 comes with a bullish analysis for investors as the token has reclaimed the $105 price level. The token went as high as $115 and turned $107 as a support region, as per our Solana price analysis for Feb 2, 2022. The price of 1 SOL at the time of writing stands at $105.48. 

However, TheCoinRise reported on Feb 3, 2022, Solana price analysis that the SOL token dropped 12%. The token went as low as $94 and then bounced back to higher prices. It seems that Solana might be aiming for $115 price resistance once more after reclaiming $107. 

The data from CoinMarketCap shows that the trading volume of the token dropped 19.41% in the last 24 hours. The token is 59.37% low from its all-time high witnessed on Nov 06, 2021, at $260. The daily candle was initiated at a price of $101.8 and reached a daily high of $106.9. Moreover, the daily low for SOL stands at a price of $100.28.

Solana price analysis on the daily chart

Solana price analysis on the daily chart includes the A/D line and the MACD indicator. In the chart below, the A/D is now making higher highs. This means that a reversal of trend might be incoming for SOL which is a similar situation to our Bitcoin price analysis for Feb 4.   

Source: TradingView

The chart below shows the MACD indicator, which shows a bullish divergence for Solana. The MACD line (blue) has broken above the signal line (orange), which confirms the divergence with increased possibilities of higher prices.

Source: TradingView

Conclusion

With the launch of Solana Pay, as recently covered by TheCoinRise, it seems that the popularity of Solana for crypto payments has increased. Furthermore, the launch of the Solana Trust by Grayscale might contribute to the price surge of Solana in the future. It is also to be noted that Solana is following the price trajectory of Bitcoin as well. It is an unwritten rule of the crypto market that altcoins follow BTC’s movement.