Solana Price Analysis: SOL Continues To Drop, Could Slip below $150

Daily Solana price Prediction

Last Updated January 7th 2022
3 Min Read
  • The Solana price is currently down by over 2%, with sellers looking to push SOL to $150 
  • SOL has been extremely bearish during the week and had dropped by nearly 8% on Wednesday. 

The Solana price continued to drop during the ongoing session as sellers looked to drive SOL even lower. SOL had started the current week on a bearish note, dropping by nearly 4% on Monday. SOL continued to drop on Tuesday, falling by over 1.36% and settling at $167.70. The bearish sentiment persisted on Wednesday, with the price dropping by nearly 8%, slipping below $155 and settling at $154.42. The current session sees SOL at $151, with sellers in control of the market. 

Solana Price Chart Indicates SOL Could Drop To $150 

The Solana price was quite bearish at the start of the previous week, registering a drop of 1.11% on Monday. On Tuesday, the price continued to drop as the price fell over 9%, slipping below the 20-day SMA and settling at $177.33. The price continued to drop on Wednesday, falling by nearly 4% and settling at $170.77. Despite the bearish sentiment, SOL recovered on Thursday, registering an increase of 1% and settling at $172.48. However, the price was back in the red on Friday, falling by 1.46% and settling at $169.97.

Image: SOL/USD daily

Image: SOL/USD daily chart 010722

After dropping to $169.97 on Friday, the Solana price made a strong recovery on Saturday, as it rose by over 5% and settled at $179.21. The price fell back on Sunday, dropping by 1.52% and ending the weekend on a bearish note at $176.48. The current week started with the bearish trend persisting, as SOL dropped by nearly 4% on Monday. The price continued to drop on Tuesday, dropping to $167.70 after a drop of 1.36%. Wednesday saw SOL drop by nearly 8%, as the price dropped to $154.42. The current session sees SOL at $152, and with the Parabolic SAR currently bearish, we could see SOL drop further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 010722

The 4-hour Solana price chart shows us that SOL had pushed above the 20-bar SMA on the 1st, moving to $179.21 on the 2nd. The price fell back from this level, falling to 4175.75. However, with the 20-bar SMA acting as support, SOL was able to stay at this level for the next few sessions before dropping below the 20-bar SMA on the 3rd. After slipping below the 20-bar SMA, SOL dropped to $167.89 and stayed at this level for the next few sessions. However, SOL registered a drastic fall on the 5th, with the price dropping to $158.60. The price continued to drop, falling to $148.11 on the 6th, before moving to its current level of $152.

We can see that the Parabolic SAR and MACD are both bearish, but we could see them flip to bullish if the price can recover.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has been extremely bearish during the current week. We can see that the price has registered a marginal recovery during the session, although SOL is still in the red. If sellers retain control of the session, SOL could drop to $150, but if the price recovers from its current level, we could see SOL move towards $155.