Solana Price Analysis: SOL Continues To Drop, Slips Below $215

Daily Solana Price Forecast

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Last Updated November 18th 2021
3 Min Read
  • The Solana price failed to recover during the current session, as sellers forced the price down by over 2%. 
  • SOL has been quite bearish recently and had dropped by almost 8% on Tuesday. 

The Solana price continued to drop during the current session, with the price currently down by over 2.50%. SOL has been bearish since the weekend, although it had registered an increase of almost 6% on Saturday. However, the price fell back in the red on Sunday, dropping by 1.28%. The bearish sentiment persisted on Monday, with SOL registering a marginal drop before dropping by almost 8% on Tuesday and settling at $219.28.

Solana Price Chart Indicates SOL could Drop Below $210 

The Solana price started the previous week on a bearish note, as the price registered a marginal drop on Monday. Tuesday saw the bearish sentiment continue, as SOL registered a drop by almost 4%, as it dropped to $239.15. SOL dropped further on Wednesday, falling to $233.35, before registering a marginal increase on Thursday and settling at $233.48. Friday saw the bearish sentiment return, as the price dropped by over 2% to settle at $228.61.

Image: SOL/USD daily chart 111821

Image: SOL/USD daily

The Solana price picked up over the weekend, as it pushed up by almost 6%, moving up to $241.69. However, the bearish sentiment returned on Sunday, as the price fell by 1.28% to end the weekend at $238.59. Monday saw SOL register a marginal drop before the price slipped below the 20-day SMA on Tuesday, dropping to $219.28 after registering a drop of almost 8%. The current session sees ADA still in the red, with the price currently down by over 2%. 

We can see that the MACD has flipped to bearish, indicating that the price could drop further.

Image: SOL/USD 4-hour chart 111821

Image: SOL/USD 4-hour

Looking at the Solana price chart, we see that SOL dropped to $222.47 on the 12th. SOL pushed up significantly from this level, as it rose to $228.89 and then pushed past the 20-bar SMA to settle at $241.69. At this level, the 50-bar SMA was acting as resistance, and the price fell back to $234.51. However, with the 20-bar SMA acting as support, SOL pushed above the 50-bar SMA  and moved to $243.87. However, SOL could not stay at this level and dropped to $226.92, slipping below the 20 and 50-bar SMAs. SOL continued to fall from this level, dropping to $212.58 before rising to its current level of $216.

We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop further.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that after dropping by 7.94% on Tuesday, SOL finds itself back in the red during the current session. If the current sentiment persists, then we could see SOL drop to $210.