Solana price analysis: SOL nearing $120, up 23% in 7 days

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Solana price analysis for Feb 5 comes with a bullish price trajectory for SOL as the token is up nearly 23% in the last 7 days, followed by an 11% surge in the last 24 hours. The token broke above $105, as per our Solana price analysis for Feb 4, 2022. SOL has been quite bullish and is up 23034.05% from its all-time low 2 years ago. 

The data from CoinMarketCap shows that the token is 55.06% low from its all-time high of $260.06, and it seems that in the last 30 days, the token rose from $81.23 to a high of 157.54 USD in the same time period. The daily candle for SOL started the day at a price of $112.6 and reached a daily high of $117. However, it is also to be noted that the daily low for the token stands at $110. 

We saw that SOL tried to move above $110 as per our Solana price analysis for Feb 2, 2022. Moreover, the launch of Solana Pay has proved to be quite a step for the project. The SOL token broke above $100 as per our analysis from Feb 1, 2022. It is also to be noted that the trading volume for Solana surged 34.20%, while the market cap rose 10.94%.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart confirms that the MACD indicator sees a bullish divergence which means that higher prices are definitely possible. The $120 price level might soon be conquered if buying pressure continues to surge.

Solana price analysis

Source: TradingView

The A/D line on the chart below confirms that the line is making higher highs. The accumulation of the token is on the rise after the launch of the Solana Trust Fund.

Solana price analysis

Source: TradingView

Conclusion

The Solana price analysis for Feb 5 is concluded on a bullish analysis. At the time of writing, the token is priced at $117. On the other hand, one of the biggest competitors of SOL, Ethereum, has also performed quite well, as seen in our Ethereum price analysis for Feb 5