Solana price analysis: SOL unable to push through $120

Solana price analysis for Feb 8, 2022, is bearish as the token was unable to push through $120, the nearest resistance. On the other hand, the indicators for Solana have been bullish since the beginning of February. It seems that the token aims to form an uptrend and push through the previous lost support levels. 

Solana has seen increased interest as a mode of payment from investors and firms alike. SOL is fast, and the launch of Solana Pay is a bullish bet of many investors. Moreover, the SOL has dropped to the 8th position from the 7th. SOL dropped to the 7th position in the market, as seen in SOL price analysis for Jan 20, 2022. 

The data from CoinMarketCap shows that the trading volume of Solana has surged by 36.21% in the last 24 hours, followed by a 0.27% surge in trading volume. It can be seen that the world’s 8th biggest cryptocurrency is nearly 54.39% low from the all-time high witnessed on Nov 6, 2021.

Solana price analysis for Feb 8, 2022, shows that the daily candle opened at a price of $117.5 and reached a daily high of $119 from a daily low of $115.5. Moreover, the price of 1 SOL at the time of writing is $118.22. The Volume / Market Cap Ratio is 0.06354, while the Market Dominance of SOL stands at 1.85%.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart below shows that the MACD indicator is quite bullish with a greenish MACD histogram. The MACD line (blue) continues to progress above the signal line (orange).

Source: TradingView

The price action aims to break out from the upper end of the Bollinger Bands. It seems that higher buying volume is needed for this.

Source: TradingView

Conclusion

Solana price analysis for Feb 8, 2022, can be concluded on a bullish note. It is to be noted that after dropping below $90, as seen in our Jan 25, 2022 analysis, the token has risen quickly.