Solana Price Analysis: SOL Pushes Above $140 After Bearish Session

Daily Solana Price Prediction

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Last Updated January 12th 2022
3 Min Read
  • The Solana price has registered a significant increase during the ongoing session and is currently up by nearly 4%. 
  • SOL had been quite bearish in recent sessions and had dropped by over 9% on Friday. 

The Solana price is currently up by over 4%, as buyers return to the market, looking to push SOL to $145. On Friday, SOL had registered a sharp drop, dropping by over 9% to $136.40. The price recovered over the weekend, rising over 4% and settling at $142.16 on Saturday. However, SOL fell back into the red on Sunday, dropping by 0.92% and ending the weekend at $140.85. Monday saw SOL remain bearish, as SOL dropped by 3.44% to $136.01, where the 200-day SMA acted as support. As a result, SOL pushed up during the current session and is presently at $142. 

Solana Price Chart Indicates SOL Could Push To $145 

The Solana price was quite bearish at the start of the previous week, dropping by 3.66% on Monday and settling at $170.02. SOL continued to drop on Tuesday as the price remained in the red, dropping by 1.36% and falling to $167.70. Wednesday saw a drastic fall, as sellers pushed SOL down by nearly 8%, as the price dropped to $154.42. The price continued to fall on Thursday, as SOL fell by nearly 3% to $150.27.

Image: SOL/USD daily

Image: SOL/USD daily chart 011222

After dropping to $150.27 on Thursday, the Solana price fell below $150 on Friday, dropping by over 9% and settling at $136.40, where the 200-day SMA acted as support. As a result, SOL was able to register an increase of over 4% on Saturday, with the price moving to $142.16. However, SOL fell back in the red on Sunday, falling by 0.92% and ending the weekend at $140.85. Monday saw SOL continue to drop, as sellers pushed the price down to $136.01 before SOL recovered during the current session.

We can see that the MACD is currently bearish, but if the price continues to increase, we could see it flip to bullish.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011222

Looking at the Solana price chart, we can see that SOL had dropped significantly on the 7th, falling to $138.91. SOL stayed at this level for the subsequent few sessions before pushing up to $146.47 on the 8th. However, the 20-bar SMA was acting as resistance at this level, and SOL fell back, dropping to $135.32. The price pushed back up from this level as SOL rose to $142.20. SOL could not move past this level until the 9th when it pushed above the 20-bar SMA and settled at $145.32. However, SOL could not stay at this level and fell back to $140.87. The price continued to drop, slipping below the 20-bar SMA on the 10th, falling to $132.61. However, SOL was able to make a strong recovery from this level, rising back above the 20-bar SMA and moving to its current level of $141.

We can see that the Parabolic SAR has just flipped to bullish, indicating that we could see the price push higher.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has made a strong recovery during the current session. If the current sentiment persists, we could see SOL push to $145.