Solana price analysis for Feb 9, 2022, shows that the token was unable to push through $120, as seen in our SOL price analysis for Feb 8, 2022. The volume was not strong enough for SOL to break above $120, and as a result, the value of the token has plummeted 5% in the last 24 hours.
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Solana has been stuck in this price zone for quite some time, and at the time of writing, the price of 1 SOL stands at $110. It is important to note that Solana has become a widely popular mode of payment after the launch of Solana Pay, which will allow crypto payments for the e-commerce market. On the whole, February started bullish for the token, and it broke above the $107 price level, which is the nearest support for Solana, as seen in our Solana price analysis for Feb 2, 2022.
The data from CoinMarketCap shows that the trading volume of the SOL token dropped 7.79% in the last 24 hours, followed by a 5.22% drop in the market cap. Furthermore, the Market Dominance of Solana rests at 1.77%, while the Volume / Market Cap Ratio stands at a value of 0.06718.
The daily candle for SOL, as per our Solana price analysis, began at a price of $113.3 and reached a daily high of $115. Moreover, the daily low for the token stands at $109.4.
Solana price analysis on the daily chart
The Solana price analysis on the daily chart shows that the 50-day and 100-day MAs remain strong resistance for SOL.
The price action failed to break out from the upper end of the Bands and has formed two bearish daily candles.
Conclusion
Solana price analysis for Feb 9, 2022, can be concluded on a bearish note as the token hasn’t seen much progress lately. The prices are nearly 57.25% off from the all-time high witnessed on Nov 06, 2021. It is also important to note that SOL is back to the 8th position in the market, last witnessed on our Solana price analysis for Jan 28.
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