Solana regains $94 support: SOL to turn bullish?

Solana price analysis for Feb 21, 2022, can be introduced on the bullish note for the day as the token has regained the important support of $94 and aims to make higher highs in the coming days. However, overall, the token is still bearish. As seen in our SOL price analysis for Feb 18, 2022, $94 is major support for the token.

The data from CoinMarketCap shows that the trading volume of the token surged 102.40% in the last 24 hours followed by a 4.58% surge in the market cap. Moreover, the Volume / Market Cap Ratio currently stands at a value of 0.07206 while the Market Dominance of the token rests at 1.70%.

The daily candle for Solana opened at a price of $90.7 and reached a daily high of $95.26. On the other hand, the daily low for the token stands at a price of $90.47. At the time of writing, the price of 1 SOL stands at $94.44.

Solana price analysis on the daily chart

Solana price analysis for Feb 21, 2022, will be using 3 major indicators to determine the future price trajectory of the smart contracts platform.

Source: TradingViewThe RSI indicator shows a value of 41.59 and the gradient of the line is lightly positive which means that soon, the prices will turn bullish for the day. However, on the whole, the RSI is still stuck in a bearish downtrend.

The MACD indicator shows that the MACD line (blue) overlaps with the signal line (orange) and bears and bulls are evenly matched.

The price action dropped to the lower end of the Bollinger Bands and there is a huge chance that soon, if bears take control, the token might fall out of the lower end of the Bands.

Conclusion

Solana price analysis for Feb 21, 2022, confirms that the token needs to make a move and reclaim the $100 price level in order to eradicate the possibilities of falling below the support of $94.