Solana price analysis: SOL drops nearly 12%, down but not out

Solana price analysis for Feb 3, 2022, confirms that the SOL token dropped nearly 12% in the last 24 hours. The firm broke above $100 following the launch of Solana Pay, and it seems that the hype has died down. Solana has been increasingly popular among investors. However, it seems that the token is bearish for today. 

The data from CoinMarketCap shows that the token has dropped 62.80% from the all-time high witnessed on Nov 06, 2021. In the last 90 days, the token went to a low price of 81.23 USD, and since then, prices have climbed up. The trading volume of the token surged by 17.72%, followed by an 11.52% drop in the market cap. 

The Solana price analysis shows that the SOL token started the day at a price of $101 and reached a daily high of $103. However, following the surge in selling pressure, the token dropped to the daily low of $94. The support of $107 has been broken, which confirms the bearishness of SOL.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart shows that the Accumulation/Distribution line aimed at making higher highs but due to a sell-off, the gradient of the line is once again negative. SOL is still stuck in the 7th position in the market but is in danger of falling to the 8th position. 

Source: TradingView

Solana dropped to the 8th position in the market recently but has since then reclaimed previously lost levels. The RSI line below shows that the line had made higher highs and aimed to break above the $50 price level. However, SOL failed to do so.

Source: TradingView

Conclusion

Our Solana price analysis for today can be concluded on a bearish note as the token now aims to defend the $92 support level. Moreover, the price of 1 SOL at the time of writing is $96 as bears remain in control of the market.