Solana reclaims $100: SOL bulls once again eye for $120 resistance

Solana price analysis for Feb 15 is concluded on a bullish note for the token with an 8% price surge in the last 24 hours. Moreover, the token has seen a bullish 2021 showing a huge price surge. But, it is also important to note that the token was unable to break the $120 price resistance, as seen in the SOL price analysis for Feb 8, 2022. 

The data from CoinMarketCap shows that the trading volume of the token rose 52.10% in the last 24 hours, followed by a 9.05% surge in the market cap. The market dominance of the token rests at 1.66%, while the Volume / Market Cap Ratio stands at 0.05973. The current market rank of the token stands at 8. 

The daily candle for Solana opened at a price of $96.39 and reached a daily high of $102.49. Moreover, the daily low for the token rests at $96.38, while the price of 1 SOL at the time of writing rests at $100.75.

Solana price analysis on the daily chart

The daily chart for Solana stands on a bullish note. The MACD line (blue) is just above the signal line (orange). The token was about to witness a bearish divergence which was prevented.

Source: TradingView

The price action is once again retesting the middle zone of the Bollinger Bands, which, if successful, might see higher prices for SOL.

Source: TradingView

The RSI line reads 42.45, which means that the selling pressure is high. On the other hand, the gradient of the line is positive, which confirms that higher prices are possible for Solana in the near future.

Source: TradingView

Conclusion

Our Solana price analysis on the daily candle for Feb 15, 2022, can be confirmed on a bullish note for the token, which now once again aims to retest $120. The token fell below $93, as seen in our Solana price analysis for $14, 2022, but has shot up past $100 in no time. Overall, TheCoinRise is bullish on SOL.