- The Solana price has started the current session on a fairly bearish note and is presently down by nearly 1%.
- SOL had registered a significant increase on Saturday, with the price rising by over 5%.
The Solana price fell back in the red during the ongoing session, as sellers look to push the price below $175 and to $170. SOL had entered the weekend on a fairly bearish note, dropping by 1.47% on Friday and settling at $169.97. The price made a strong recovery on Saturday, rising by over 5% and moving to $179.21. Thanks to the 20-day SMA coming into play as resistance, the price fell back on Sunday, with SOL dropping to $176.46m, ending the weekend on a bearish note.
Solana Price Chart Indicates SOL Could Drop Below $175
The Solana price was quite bullish during the previous weekend, with the price rising by 1.36% on Saturday. SOL continued to push up on Sunday, with the price rising by 2.50% and settling at $197.90. SOL fell back in the red on Monday despite the bullish sentiment, dropping by 1.13%. Tuesday saw SOL register a significant drop, falling by over 9%, slipping below the 20-day SMA, and settling at $177.23. The price continued to drop on Wednesday, falling by 3.66% and settling at $170.75.
Image: SOL/USD daily
After dropping to $170.75, the Solana price registered a recovery on Thursday, rising by 1.03% and moving to $172.51. On Friday, the price fell back, dropping below $170 and settling at $169.97. However, the weekend saw SOL register a strong recovery, rising by 5.44% on Saturday and moving to $179.21. At this price level, the 20-day SMA came into play as resistance, and the price fell back on Sunday, dropping by 1.53% and settling at $176.46. The current session sees SOL continue to drop, and while the Parabolic SAR is bullish, if the price continues to drop, we could see it flip to bearish.
Image: SOL/USD 4-hour
The 4-hour Solana price chart shows that SOL dropped to $180.30 on the 28th. SOL continued to drop from this level, falling to $170.19 on the 30th. The price pushed up from this level, rising to $174.75 before dropping back to $171.60. The price rose to $175.62, where the 20-bar SMA was acting as resistance. As a result, the price fell back, dropping to $167.78 on the 31st. SOL pushed up from this level, rising above the 20-bar SMA and moving to $179.21 on the 2nd. The price fell back from this level, dropping to $175.75 and then slipping below the 20-bar SMA on the 3rd, dropping to $175, which is where SOL is presently at.
We can see that the MACD is bullish, indicating that we could see the price rise. However, it should be noted that the MACD has also flipped to bearish.
Solana Price Is Expected To Reach These Levels
The Solana price chart shows that SOL has dropped during the ongoing session, starting the week on a bearish note. If the price continues to drop, we could see SOL settle at around $170. However, if the price recovers, SOL could push to $180.