Solana Price Analysis: SOL Drops Towards $240 As Sellers Take Control

Daily Solana Technical Analysis

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Last Updated November 10th 2021
3 Min Read
  • The Solana price continued to remain bearish, with the price down by over 2% during the current session. 
  • SOL was quite bullish over the weekend but fell into the red on Sunday, dropping by over 3%. 

The Solana price continued to remain bearish during the current session, with sellers looking to push the price towards $240. SOL had started the weekend on a very bullish note, with the price rising by over 9% on Saturday, before dropping by 3.44% on Sunday and settling at $249.78 but not before settling its new all-time high. SOL dropped further on Monday, as the price fell by 0.54% before falling further during the current session, with the price currently at $240. 

Solana Price Chart Indicates SOL Could Drop Below $240 

The Solana price had started the previous weekend on a negative note, as the price registered a drop of 2.32% on Saturday. The price recovered on Sunday, posting an increase of over 3.46%, pushing over $200 and settling at $202.60. The week started on a bullish note for SOL, as it rose by 0.67% before rising by over 8% and moving up to $221.05 on Tuesday. Wednesday saw an even bigger increase, with SOL pushing up by over 10%, moving to $243.43 before rising by 1.53% on Thursday and moving to $247.22.

Image: SOL/USD daily chart 111021

Image: SOL/USD daily

After pushing to $247.22 on Thursday, the Solana price fell in the red on Friday, dropping by 4.40% and settling at $236.35. However, SOL recovered on Saturday and pushed up by over 9%, rising to $258.69, before dropping on Sunday. SOL also hit its all-time high on Sunday, as the price shot up to $260.06 before sellers took control of the session and pushed the price down to $249.78. The current week saw the bearish sentiment continue as SOL dropped marginally on Monday before the current session saw SOL down by over 3%. We can see that the Parabolic SAR has already flipped to bearish, and if the price continues to drop, we could see the MACD flip to bearish as well.

Image: SOL/USD 4-hour chart 111021

Image: SOL/USD 4-hour

The 4-hour Solana price chart shows us that SOL had surged to $323.65 before pushing up further to $243.47. SOL was able to stay at this level for the next few sessions before the price turned bearish and dropped to $233.43, where the 20-bar SMA was acting as support. As a result, the price recovered and pushed up to $258.67 before dropping to $247.23. After reaching this level, SOL dropped further, slipping below the 20-bar SMA and dropping to $243.90. The price fell further from this level, as it dropped to its current level of $240. With the Parabolic SAR and MACD both bearish, we can expect the price to drop further.

Solana Adding Millions of Users Via Brave Browser

Privacy-oriented browser Brave has inked a partnership with Solana Labs, according to a recent announcement. As part of the deal, Solana will become Brave’s default blockchain during the first half of 2022. 

Messari’s Ryan Watkins has noted that the high-throughput blockchain could potentially on-board 42 monthly million:

Source: Twitter 

"Solana coming to 42 million monthly active users soon, as Brave's default blockchain."

In turn, Solana developers will be encouraged to support the browser’s Basic Attention Token (BAT) with their dApps. Brave CEO Brendan Eich hopes that the integration will make it easier to bolster cryptocurrency adoption:

"With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens."

Last year, Brave appeared in hot water, facing the affiliate link controversy. This October, the browser dropped Google and replaced it with Brave Search, its search engine that was launched in June.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has been quite bearish since the weekend. With SOL already down to $240, we can expect the price to slip below $240 if the current sentiment persists.