Solana Price Analysis: SOL Starts Week On Bullish Note As Price Looks To Push Back To $250

Daily Solana Technical Analysis

Last Updated November 15th 2021
3 Min Read
  • The Solana price had a mixed weekend, as it rose by almost 6% on Saturday before dropping on Sunday.
  • The current session sees SOL in the green, as buyers pushed the price beyond $240.

The Solana price has started the current week on a positive note, with the price currently up by over 2%. SOL had been quite bearish over the previous week, as SOL spent pretty much all week in the red. After dropping to $228 on Friday, SOL recovered over the weekend, rising by almost 6% on Saturday, pushing to $241.69, before dropping to $238.59 on Sunday.

Solana Price Chart Indicates SOL Could Push Towards $250 

The Solana price started the previous weekend on a highly bullish note, as the price pushed up by over 9%, moving to $258.69. Sunday saw the price drop as SOL fell to $249.78, ending the weekend in the red. The bullish sentiment persisted on Monday, as SOL registered a marginal drop before falling by 3.73% on Tuesday and $239.15. Wednesday saw the price drop further, as sellers pushed the price down to $233.35, a drop of 2.42%.

Image: SOL/USD daily chart 111521

Image: SOL/USD daily

After dropping to $233.35 on Wednesday, the Solana price posted a marginal recovery on Thursday. However, the price fell back on Friday, dropping to $228.61, a fall of over 2%. The weekend saw SOL post a strong recovery on Saturday, as it pushed up by 5.72%, moving up to $241.69. However, the price dropped on Sunday, falling by 1.28% and settling at $238.59. The current session sees SOL back in the green as buyers push the price higher. While the Parabolic SAR and MACD are still bearish, we could see them flip to bullish if the price pushes past $245.

Image: SOL/USD 4-hour chart 111521

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $258.57 on the 7th. However, the price fell dramatically after reaching this level, dropping to $243.90 and slipping below the 20-bar SMA. SOL remained at this level for the subsequent few sessions before another drop took the price to $236.65, where the 50-bar SMA acted as support and pushed the price to $245.05. However, SOL could not move past the 20-bar SMA and dropped to $233.35. Another recovery saw the price push to $244.23, but the 20-bar SMA again pushed the price down, and SOL fell to $222.47. SOL stayed at this level for a few sessions before moving past the 20-bar SMA and settling at $241.69. At this level, the 50-bar SMA was acting as resistance, and SOL dropped to $234.51 before rising to its current level of $244. We can see that the Parabolic SAR has flipped to bullish, while the MACD is already bullish, indicating that SOL could push up further.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows us that SOL has made a solid start to the week, with the price currently up by over 2%. If the current sentiment persists, we could see SOL push beyond $245 and move towards $250.

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