Solana (SOL) Price Analysis for February 7

Wed, 7/02/2024 – 15:55

Cover image via www.tradingview.com

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Buyers are not going to give up so easily, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

The rate of Solana (SOL) has risen by 1.37% over the last 24 hours.

Image by TradingView

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.

Image by TradingView

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. 

In this case, ongoing sideways trading around the $95 mark is the more likely scenario for the next few days.

Image by TradingView

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.

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