Solana Price Analysis: SOL Continues Downward Trend, Slips Below $140

Daily SOL Technical Anlaysis

Last Updated January 19th 2022
3 Min Read
  • The Solana price slipped below $140, as Wednesday saw the bearish sentiment return to the market. 
  • SOL has been fairly bearish during the week and had dropped by almost 6% on Monday. 

The Solana price registered a sharp drop during the current session, slipping below $140 and the 200-day SMA and moving to $138. SOL has been quite bearish during the ongoing week after ending Sunday with a marginal increase and rising to $148.08. SOL registered a sharp drop on Monday as the price fell by 5.53%, slipping to $139.89, before a marginal increase of 0.98% on Tuesday saw the price push back up to $141.26. 

Solana Price Chart Indicates SOL Could Find Support At $138 

The Solana price started the previous weekend on a positive note, rising over 4% and settling at $142.19. However, the price fell back on Sunday, dropping by 0.94% and ending the weekend at $140.85. SOL continued to drop on Monday, dropping by 3.44% and settling at $136, where the 200-day SMA was acting as support. As a result, the price recovered on Tuesday, rising by 3.10% and moving to $140.22. SOL continued to push higher on Wednesday, surging over 8% and moving to $151.60, before falling back on Thursday, slipping back below the $150 level and settling at $146.

Image: SOL/USD daily

Image: SOL/USD daily chart 011922

After dropping nearly 4% on Thursday, the Solana price made a marginal recovery on Friday before pushing up by 0.98% on Saturday and moving to $147.67. SOL remained in the green on Sunday, registering another marginal increase before dropping over 5.50% on Monday and settling at $139.89. At this level, the 200-day SMA was acting as support, and the price made a marginal recovery on Thursday, rising to $141.26, before dropping back during the current session.

We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011922

Looking at the Solana price chart, we can see that SOL had pushed up to $154.85 on the 13th. The price fell back from this level, dropping to $146.12 and then slipping below the 20-bar SMA and settling at $143.50. SOL recovered from this level, rising to $148.50 and pushing back above the 20-bar SMA. However, SOL could not stay at this level and fell back below the SMA, falling to $145.55 on the 15th. The price recovered from this level, pushing up to $150.03, before turning bearish and dropping below the 20 and 50-bar SMAs and settling at $143.01. SOL continued to drop from this level, falling to $136.66 on the 19th and then moving to its current level of $138.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has registered a considerable drop during the ongoing session, slipping below the 200-day SMA. If SOL can recover from this level, we could see the price push back to $140. However, if the price slips below $138, the price could drop to $135.