Solana Price Analysis: SOL Pushes Above 50-Day SMA, Pushes Towards $220

Daily Solana Price Prediction

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Last Updated December 1st 2021
3 Min Read
  • The Solana price has pushed up significantly during the ongoing session and is currently up by almost 5%. 
  • SOL was quite bearish over the previous week and had dropped by over 8% on Friday. 

The Solana price continued to push higher during the current session, as buyers retained control and pushed the price towards $220. SOL had registered a sharp drop on Friday, as it slipped below the 50-day SMA and settled at $192.73. The price recovered over the weekend, rising marginally on Saturday, before rising by over 4% on Sunday and settling at $200.92. SOL continued to push up on Monday as the positive sentiment persisted, rising by 1.71% and settling at $204.36. 

Solana Price Chart Indicates SOL Looking To Push To $220 

The Solana price had started the previous weekend on a slightly positive note, rising by 1.11% on Saturday. SOL continued to push up on Sunday, rising to $230.57, but with the 20-bar SMA acting as resistance at this level, the price dropped to $215.83 on Monday, as SOL registered a drop of over 6%. Tuesday saw the price recover, as SOL moved up by almost 3% to settle at $221.89. The price fell back on Wednesday, dropping by over 7% to $205.88, before posting a recovery on Thursday and rising by 1.94%.

Image: SOL/USD daily chart 120121

Image: SOL/USD daily

After pushing up by 1.94% on Thursday, the Solana price fell back on Friday, dropping by over 8%, slipping below the 50-day SMA and settling at $192.73. Despite the bearish sentiment, SOL recovered over the weekend, rising marginally on Saturday before pushing up by over 4% to $200.92 on Sunday. Monday saw the bullish sentiment continue, as the price rose by 1,71%, before pushing past the 50-day SMA during the current session, currently at $213.

We can see that the Parabolic SAR is still bearish, indicating that the price could drop. However, if SOL continues to push higher, we could see it flip to bullish.

Image: SOL/USD 4-hour chart 120121

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we see that SOL dropped to $202.04 on the 24th. The price pushed up marginally from this level, as it pushed up to $214.63, but with the 20-bar and 50-bar SMAs acting as resistance, the price fell back, and SOL dropped to $185.77 on the 26th. The price pushed up to $196.68 on the 27th, but with the 20-bar SMA still coming into play, dropped to $187.23. SOL pushed above the 20-bar SMA on the 29th, when the price pushed to $207.06. After a marginal drop thanks to the 50-bar SMA, SOL dropped marginally before pushing above the 50-bar SMA and settling at its current level of $214.

We can see that the MACD is currently bullish, indicating that we could see the price push higher. However, if the price drops, we could see it flip back to bearish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price, we can see that SOL has pushed up significantly during the ongoing session. We can see that SOL faces resistance at $219, and if it could move past this level, we could see the price push to $225.