Solana Price Analysis: Sellers Look To Drive SOL Below $220

Daily Solana Price Forecast

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Last Updated November 23rd 2021
3 Min Read
  • The Solana price fell back into the red after posting a strong recovery on Sunday. 
  • SOL was quite bullish over the weekend, as the price pushed up to $230 on Sunday. 

The Solana price failed to get past the 20-day SMA, with sellers driving the price down during the current session. SOL is already down by over 3% and continues to drop further. SOL was quite bullish over the weekend, as the price pushed up by over 10% on Friday and settled at $215.46. Saturday saw the price push up marginally before it rose by almost 6% on Sunday to end the weekend at $230.57. 

Solana Price Chart Indicates SOL Could Drop To $220 

The Solana price started the previous weekend on a bullish note, as it pushed up by almost 6% on Saturday. However, Sunday saw the price back in the red, as it dropped by 1.28% and settled at $238.59. The price remained in the red on Monday, as SOL registered only a marginal drop before falling by almost 8% on Tuesday, slipping below the 20-day SMA and settling at $219.28. On Wednesday, SOL remained in the red after registering another marginal drop, before a drastic fall of almost 11% on Thursday saw the price drop to $195.20.

Image: SOL/USD daily chart 112321

Image: SOL/USD daily

After dropping by almost 11% on Thursday, the Solana price pushed up on Friday, rising by almost 10% and settling at $215.46. The weekend saw the bullish sentiment continue, as SOL rose by 1.11% on Saturday before rising to $230.57, registering an increase of almost 6%. The price dropped on Monday, thanks to the 20-day SMA acting as resistance. Currently, the price is down by over 4% and is likely to slip below $220.

We can see that the Parabolic SAR has just flipped to bullish, indicating that the price could recover. However, if the price continues to drop, we could see it flip back to bearish.

Image: SOL/USD 4-hour chart 112321

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had slipped below the 20 and 50-bar SMAs on the 16th, dropping to $212.58 on the 17th. At this level, the 200-bar SMA was acting as support, allowing SOL to stay at this level for the subsequent few sessions. SOL slipped below the 200-bar SMA, dropping to $192.09, from where it made a strong recovery, pushing above the 20 and 200-bar SMAs to settle at $217.66. With the 20-bar SMA now acting as support, SOL was able to stay at this level before subsequently pushing above the 50-bar SMA and rising to $230.68. From here, ETH dropped to its current level of $219.

We can see that the MACD is currently bullish, but if the price continues to drop, we could see it flip to bearish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has taken a sharp fall during the current session. If the current sentiment persists, we could see SOL drop to $210.