Solana rebounds from $101 support, a good time to buy SOL?

Solana price analysis for Feb 16, 2022, can be confirmed on a bullish note for the day as the token has rebounded from the important support of $101. It is also important to note that there is a chance that ETH might make a move towards $120 in the near future. Meanwhile, our SOL price analysis for Feb 15, 2022, confirmed that SOL reclaimed $100.

The data from CoinMarketCap shows that the trading volume of the token dropped 1.01%, followed by a 2.33% surge in the market cap. At the time of writing, the token is 60.26% low from its all-time high of $260 witnessed on Nov 06, 2021. Moreover, the Market Dominance rests at 1.66%, while the Volume / Market Cap Ratio stands at 0.05976.

The daily candle opened at a price of $105.52 and reached a daily high of $105.6. Moreover, the daily low for the token stands at $100.77. At the time of writing, the price of 1 SOL is over $102.84.

Solana price analysis on the daily chart

Solana price analysis on the daily chart shows that the RSI line is in the bearish zone with a slightly negative gradient which means that the prices will remain sluggish today.

Source: TradingView

The price action is currently retesting the middle zone of the Bollinger Bands, which, if successful, might lead to higher prices for the smart contracts platform.

Source: TradingView

The MACD indicator on the chart below shows that the MACD line (blue) continues to progress above the signal line (orange). This confirms that buying pressure is high as the MACD histogram remains filled with green bars.

Source: TradingView

Conclusion

SOL price analysis for Feb 16, 2022, shows that SOL has just retested important support successfully, providing a good entrance point for traders. The token has seen a huge bullish movement after the launch of the Grayscale Solana Trust in 2021. However, it is also important to note that SOL’s major competitor, ETH, outperforms SOL.