- The Solana price has registered an increase of almost 2% during the ongoing session.
- SOL has been quite bearish during the week and had dropped nearly 6% on Monday.
The Solana price was quite bearish during the current week and had registered a sharp drop of almost 6% on Monday, dropping to $139.92. The price recovered on Tuesday, rising by 0.98%, and moved back above $140. On Wednesday, the price was back in the red, dropping below the 200-day SMA and settling at $135.22 before recovering during the ongoing session.
Solana Price Chart Indicates SOL Could Push To $140
The Solana price started the previous week with a drop of 3.44% on Monday. However, the price was back in the green on Tuesday, rising by 3.10% and moving to $140.22. SOL continued to push up on Wednesday, as it registered an increase of over 8% and settled at $151.60 before dropping back on Thursday, falling by 3.61% and settling at $146.13. Friday saw SOL remain in the red, registering a marginal drop.
Image: SOL/USD daily
The Solana price recovered over the weekend, rising by 1.09% on Saturday and then 0.25% on Sunday to end the weekend at $148.08. However, on Monday, the price was back in the red, dropping by 5.51% and settling at $139.92. At this level, the 200-day SMA was acting as support, and the price recovered on Tuesday, rising by 0.98%. SOL was back in the red on Wednesday, dropping below the 200-day SMA and settling at $135.22 before recovering during the current session.
The Parabolic SAR is currently bearish, but we could see it flip to bullish if SOL can push above $140.
Image: SOL/USD 4-hour
Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $145.48 on the 15th. The price recovered from this level, rising to $147.99 and then pushing above the 20-bar SMA on the 16th, rising to $150.01. However, SOL turned bearish after this point and fell back considerably, slipping below the 20 and 50-bar SMAs to $142.97. SOL continued to drop from this level and fell to $136.70 on the 18th before rising to $141.29. SOL could not stay at this level and fell back, dropping to $134.38 and then moving to its current level of $137.
We can see that the MACD and Parabolic SAR have both flipped to bullish, indicating that the price could recover.
Solana (SOL) Remains a Favorite Among Institutions As Negative Crypto Sentiment Shows Signs of Cooling: CoinShares
Bearish sentiment among institutional investors in the crypto markets appears to be cooling despite millions of dollars in outflows from digital asset investment products.
According to digital asset manager CoinShares, crypto investment products suffered outflows of $73,000,000 last week, the fifth week of outflows in a row.
“Digital asset investment products saw outflows totaling a weekly record of US$73m, the 5th week of outflows with this run now totaling US$532m.”
Bitcoin, the largest crypto asset by market cap, suffered the heaviest outflows amongst institutional investors.
“Bitcoin saw outflows totaling US$55m, with four out of the last five weeks seeing outflows totaling US$317m.”
In step with its share of the market space, Ethereum felt the sting of outflows to the tune of $30,000,000 last week. Recent outflows in digital asset investment products have been heavy but appear to be cooling off after a $207,000,000 sell-off the week before last.
One crypto asset has remained relatively unfazed by the recent weeks of outflows. Despite the general downward trend, Solana (SOL) has only had two weeks of outflows in the last three months.
“Solana remains an investor favorite with inflows totaling US$5.4m last week and has only seen two individual weeks of outflows since August 2021.”
In related news, since August, the Solana blockchain has been capturing the most NFT volume share at the expense of Ethereum, JPMorgan Chase said, noting that was when the NFT market started a major expansion. Ethereum has also been losing market cap share to Solana in line with the declining NFT volume share, it added.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we can see that SOL has recovered during the ongoing session, and if the current sentiment persists, we could expect the price push to $140.