- The Solana price fell back again during the ongoing session after posting a recovery on Wednesday.
- SOL had been extremely bearish over the weekend thanks to the marketwide crash and had slipped below $200 on Sunday.
The Solana price is down by over 2% during the ongoing session, as sellers pushed the price back down after the price had pushed up on Wednesday. SOL had dropped below $200 on Sunday, as the market remained extremely bearish over the weekend. SOL continued to drop on Monday, dropping by 1.39%, and then by 1.85% on Tuesday to settle at $190.39. However, the price pushed up on Wednesday as it rose by 2.34% and settled at $194.85 before dropping back during the current session.
Solana Price Chart Indicates Sellers Looking To Push Price To $180
The Solana price started the previous week on a bullish note, pushing up by 1.71% on Monday. Tuesday saw the price push past the 50-day SMA as it rose to $208.87. SOL then pushed up significantly on Wednesday, as it rose by over 10%, pushing above the 20-day SMA and settling at $229.85 before another increase on Thursday saw the price move to $233.78. However, after reaching this level, the price fell back significantly, dropping by over 9% on Friday, slipping below the 20-day SMA and settling at $212.
Image: SOL/USD daily
The Solana price continued to drop over the weekend, as it slipped below the 50-day SMA on Saturday and settled at $201.10. Sunday saw SOL remain in the red, dropping by over 2%, ending the weekend below $200 at $196.71. The week saw SOL continue to be in the red, with the price dropping to $190.97 on Monday and then to $190.39 on Tuesday. SOL managed to push up on Wednesday, rising by 2.34% and settling at $194.85 before slipping below $190 during the ongoing session.
We can see that the Parabolic SAR is still bearish, indicating that we could see the price drop further.
Image: SOL/USD 4-hour
The 4-hour Solana price chart shows us that SOL had pushed up to $229.56 on the 1st, pushing above the 200-bar SMA. With the 200-bar SMA now acting as support, SOL was able to push to $237.78 before the price turned bearish and fell to $188.49 on the 4th, slipping below all three SMAs and the $200 level. SOL recovered from this level, rising to $207.31, but with the 50-bar SMA acting as resistance, it fell back to $176.47 on the 6th. SOL then pushed above the 20-bar SMA, rising to $203.42, before slipping back and falling to $186.54, back below the 20-bar SMA.
We can see that the MACD is currently bullish, but if SOL continues to drop, we could see it flip to bearish.
Solana Price Is Expected To Reach These Levels
The Solana price chart shows us that SOL has been pegged back during the ongoing session, with the price slipping below $190. If the current sentiment persists, we could see the price drop towards $180.