Solana Price Prediction: SOL Continues To Fall As Price Fails To Recover

Daily Solana Technical Analysis

Last Updated November 12th 2021
3 Min Read
  • The Solana price continued in the red, with the price unable to break the recent bearish trend. 
  • SOL has been bearish since the start of the current week, although it had set a new all-time high on Sunday.

The Solana price continued its downward trajectory as sellers continued to push the price down. SOL has been bearish since the start of the week, as it registered a marginal drop on Monday. The price continued to drop on Tuesday and Wednesday, falling to $239.15 and then $233.35, respectively. Thursday saw SOL post only a marginal recovery, while the current session sees buyers and sellers vying for control. 

Solana Price Chart Indicates SOL Could Drop To $230 

The Solana price was quite bullish at the start of the month, as the price rose marginally on Monday before surging by over 8% on Tuesday and settling at $221.05. Wednesday saw the bullish sentiment continue, as SOL rose by over 10% and settled at $243.47. SOL could only register a marginal increase on Thursday, as the price moved up to $247.22, before falling on Friday as sellers pushed the price down by 3.44% to $236.35.

Image: SOL/USD daily chart 111221

Image: SOL/USD daily

After falling to $236.35 on Friday, the Solana price made a strong recovery on Saturday, as it rose by 9.45%, pushing up to $258.67. However, after reaching this level, the price turned bearish, dropping by 3.44% on Sunday to end the weekend at $249.79. However, SOL reached an intraday high of $260.06 on Sunday to set a new all-time high. The week started on a bearish note as well, with SOL dropping marginally on Monday before a drop of 3.73% pushed the price down to $239.15. Wednesday saw the bearish sentiment continue, with the price dropping to $233.35, before making a marginal recovery on Thursday. The current session sees buyers and sellers vying for control, but with the Parabolic SAR and MACD both bearish, we could see the price drop further.

Image: SOL/USD 4-hour chart 111221

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had surged to $243.47 on the 4th. The price rose marginally from this level, rising to $247.22, before dropping to $233.43, where the 20-bar SMA acted as support. As a result, SOL pushed up drastically, rising to $258.67 before turning bearish and dropping to $243.90, slipping below the 20-bar SMA. The price continued to be bearish after this point, as sellers pushed the price further to $236.65, as SOL dropped below the 20-bar SMA. The price made a marginal recovery from this level but could not move past the 20-bar SMA and dropped to $233.35 before rising to $244.23. However, SOL could not stay at this level and dropped to its current level of $234. We can see that while the Parabolic SAR is bullish, the MACD is still bearish. If SOL can recover, then we could see the MACD flip to bullish. However, if the price drops, then the Parabolic SAR would flip to bearish.

Solana Price Is Expected To Reach These Levels 

The Solana price chat shows us that buyers and sellers are vying for control of the current session. If buyers take control of the session, we could see the price push towards $240. However, if sellers take control, we could see SOL drop to $230.

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