Solana

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Buyers are not going to give up so easily, according to <a href="https://u.today/btc-eth-xrp-bnb-ada-sol-and-link-price-analysis-for-february-6">CoinStats</a>.
<img data-entity-type="file" data-entity-uuid="a527eec4-0c66-4ba5-889a-8a56a135e38d" src="https://u.today/sites/default/files/inline-images/top%2010.png">SOL chart by&nbsp;<a href="https://coinstats.app/coins/">CoinStats</a>
<h2 class="text-align-justify" id="sol-usd">SOL/USD</h2>
The rate of Solana (SOL) has risen by 1.37% over the last 24 hours.
<img data-entity-type="file" data-entity-uuid="afad0a58-34c4-4ebe-8696-ea9827be26bb" src="https://u.today/sites/default/files/inline-images/sol1_19.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/SOLUSDT">TradingView</a>
The price of SOL is growing after a false breakout of the local support level of $94.92. If buyers can hold the gained initiative until the end of the day, there is a chance to see a test of the resistance tomorrow.
<img data-entity-type="file" data-entity-uuid="ce6927c2-a717-46b7-b56c-eb37247088d9" src="https://u.today/sites/default/files/inline-images/sol2_17.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/SOLUSDT">TradingView</a>
A less clear picture is seen on the daily time frame. From the technical point of view, neither bulls nor bears are ready for a sharp move. The falling volume also confirms this assertion.&nbsp;
In this case, ongoing sideways trading around the $95 mark is the more likely scenario for the next few days.
<img data-entity-type="file" data-entity-uuid="cc2d025f-b6d0-4d53-ae27-653156ba04b4" src="https://u.today/sites/default/files/inline-images/sol3_15.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/SOLUSDT">TradingView</a>
A similar situation can be seen on the weekly chart. At the moment, one should pay attention to the candle's closure. If it happens below the previous bar low, the correction may continue to the $80-$90 area.
SOL is trading at $95.69 at press time.

Solana (SOL) Price Analysis for February 7

Table of Contents

U_Today

Other articles published on Feb 7, 2024

Bitcoin’s Critical 10-Day Countdown

Ethereum Dencun Upgrade Launch Boosts ETH Price, Eyes 90% Fee Reduction

How Ethereum’s Dencun Upgrade Is Catalyzing the Next Wave of Crypto Adoption

AI-Powered Trading Platform Redefining Portfolio Diversification Strategies

Ripple Requests One Week Extension for Documents in SEC Suit

Cardano Price Stagnant At $0.48, But Charts Point To Potential Upswing

Join our free newsletter for daily crypto updates!