- The Solana price continued to drop on Wednesday, registering a fall of nearly 4%.
- The current session sees buyers and sellers struggling for control, with the price down marginally.
The Solana price has been extremely bearish during the current week, with the current session also seeing SOL down marginally as sellers look to retain control. SOL had ended the week on a positive note but fell back in the red on Monday, dropping by 1.13%. The price saw a significant drop of over 9% on Tuesday, falling to $177.23 and slipping below the 20-day SMA. On Wednesday, SOL remained in the red, falling by 3.66% and dropping to $170.
Solana Price Chart Indicates Buyers And Sellers Struggling For Control
The Solana price started the previous week on a bearish note, dropping by 3.41% and settling at $173.94 on Monday. The price recovered on Tuesday, rising to $179.90, but fell back again on Wednesday, registering a marginal drop, thanks to the 20-day SMA acting as resistance. SOL registered a significant increase on Thursday, as the price moved past the 20-day SMA after registering an increase of 6.55% and settled at $190.09. Friday saw a highly volatile session, but SOL could make only a marginal increase of 0.21%.
Image: SOL/USD daily
The Solana price remained bullish over the weekend, rising by 1.36% on Saturday and settling at $193.08, and then registered an increase of 2.50%, ending the weekend on a positive note at $197.90. Despite the bullish sentiment, the price fell back in the red on Monday, dropping by 1.13%. The price continued to drop on Tuesday, falling by over 9%, slipping below the 20-day SMA and settling at $177.23, and then falling by 3.66% on Wednesday and settling at $170. The current session sees SOL marginally up, with some support building at this level.
We can see that that the Parabolic SAR is currently bullish, indicating that the price could recover.
Image: SOL/USD 4-hour
Looking at the Solana price chart, we see that SOL pushed above the 200-bar SMA on the 24th, rising to $195.62. SOL was able to stay at this level for the subsequent few sessions, thanks to the 200-day SMA acting as support. SOL then pushed higher on the 26th, as the price rose to $201.64, before turning bearish, slipping below the 20-bar SMA and settling at $190. The price continued to drop from this level, falling below the 200 and 50-bar SMAs and dropping to its current level of $171.
We can see that the MACD is currently bearish, but if the price recovers, we could see it flip to bullish.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we see that SOL has made a marginal recovery during the session, with the price finding support at $170. We could see the price push past $175 if the current sentiment persists.