Solana price analysis: SOL below $115, down by 2% in 24 hours

Solana price analysis for Feb 6 confirms the fact that despite the bullish news surrounding the token, SOL hasn’t been performing very well in recent days. The token has been down by 2% in the last 24 hours, and it seems that the token might retest $110 soon. Moreover, SOL has dropped below $115. 

Solana price analysis for Feb 5, 2022, shows that the token rose as high as $120 following the bullish news from the launch of Solana Pay, recently reported by TheCoinRise. The data from CoinMarketCap shows that the trading volume of the token dropped by nearly 46.01%, followed by a 1.98% drop in the market cap. The market dominance of the token stands at 1.89%, with a market rank of 7. 

The daily candle for the token started the day at a price of $113.74 and reached a daily high of $115.80. Moreover, the daily low for Solana stands at a price of $112.08. It seems that there are chances of SOL breaking the resistance of $120 in the near future.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart confirms that the Accumulation/Distribution line continues making higher highs. A continuation of this trend would mean that the buying pressure is defeating the selling pressure.

Source: TradingView

The RSI line on the chart below confirms that the like has been making higher highs since the SOL token went in the oversold region, as per our Solana price analysis for Jan 25, 2022.

Source: TradingView

Conclusion

At the time of writing, the price of 1 SOL rests at a price of 114, and it seems that the next step would be to break above the resistance at $115 and move towards $120. The token is 56.14% low from its all-time high witnessed on Nov 06, 2021, at a price of $260. Furthermore, Messari’s founder Ryan Selkis, there is a 20% chance that ETH might outperform Bitcoin in the near future. Bitcoin has also been bullish for February, as seen in our Bitcoin price analysis for Feb 1, 2022.