Solana price analysis for Feb 7, 2022, claims that following the bullish trajectory of Bitcoin, altcoins are also burning in a bullish fire. The bulls have reclaimed the previous lost levels for Bitcoin, which is now nearing towards $43K, as per our Bitcoin price analysis for Feb 7. Following the footsteps of the world’s first cryptocurrency, Solana (SOL), is also continuing with an uptrend.
The SOL token has been extremely bullish in the year 2021, and it seems that the token wants to continue this in 2022 as well. Moreover, the launch of Solana Pay, a platform that allows seamless and efficient transfer of cryptocurrencies, might also contribute to the popularity of Solana.
The data from CoinMarketCap shows that the world’s 7th biggest cryptocurrency, which is also known for being an Ethereum killer, is 54.22% low from its all-time high. On the other hand, the trading volume of the token dropped by 13.02%, while the market cap surged by 5.25%. The market dominance of SOL rests at 1.93%.
The Solana price analysis for Feb 7, 2022, further shows that the daily candle for SOL opened at a price of $115 and reached a daily high of $120. However, the daily low for the token currently stands at a price of $112.
Solana price analysis on the daily chart
The daily chart below shows that the accumulation of SOL is now beginning. However, it seems that ETH might outperform SOL in the long run because the A/D line for ETH is steeper, as seen in our Ethereum price analysis for Feb 7.
Source: TradingView
The MACD indicator below shows that the MACD line (blue) broke above the signal line (orange), which confirmed a bullish divergence. This signifies a bullish pressure for SOL, and the next target for SOL is $120.
Source: TradingView
Conclusion
Our Solana price analysis for Feb 7, 2022, can be concluded on a bullish note since the token has seen a huge surge in prices in recent weeks. However, 120 USD is important resistance, as seen in our SOL price analysis for Feb 5.
Read More
All News
May 20, 2025
May 20, 2025
May 20, 2025
Floppypepe ($FPPE) is your ticket to the moon. Escape the ordinary and reach for lunar gains with this AI meme token. Secure your spot now before it's too late.
Join Now