Solana price analysis: SOL breaks above $100, aims for $105

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Solana price analysis for Feb 1, 2022, brings a bullish prediction for SOL as the token is up by nearly 15% in the last 24 hours. Moreover, the SOL token broke above its resistance at $90 and has since then, moved above $100. The token has reclaimed 7th position in the market after falling to 8th position on Jan 28, 2022.

The data from CoinMarketCap shows that the market cap of the token surged by 14.33% in the last 24 hours followed by a 77.21% surge in the trading volume. The buying volume saw a massive increase. However, it is to be noted that as per our previous Solana price analysis for Jan 23, SOL reclaiming $100 might be a fake breakout. 

The daily candle for Feb 1, 2022, opened at a price of $99.50 and reached a daily high of $104.87 from a daily low of $99.02. However, unable to push through, the token is now trading at a price of $103.97 forming a second consecutive green candle.

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Solana price analysis on the daily chart

The Solana price analysis on the chart below shows that the token has shot up from the oversold levels and the gradient of the line is sharply positive which means that higher prices are possible. 

Solana price analysis

Source: TradingView

The MACD indicator shows that the MACD line (blue) broke above the signal line (orange) which confirms a bullish divergence. It is clear that the market is covering and higher prices for SOL are certain in the short term.

Solana price analysis

Source: TradingView

Conclusion

To conclude our Solana price analysis for Feb 1, 2022, the world’s 7th biggest cryptocurrency is aiming for previously lost zones. The SOL token fell below $150 in early January and might spend Feb in reclaiming these levels. Moreover, the launch of the Solana Grayscale Trust might also attract more those investors to the cryptocurrency who are not used to the volatility. On the other hand, for Feb 1, Solana has outperformed Ethereum on the daily chart as per our Ethereum price analysis.

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