Solana Price Analysis: SOL Registers Significant Drop, Falls Back To $90 

Daily Solana SOL Price Prediction

Last Updated January 28th 2022
3 Min Read
  • The Solana price fell back to $94 on Wednesday after it had pushed above $100. 
  • The current session sees SOL down by nearly 2%, as it struggles to stay above $90 

The Solana price continued to drop during the ongoing session, as sellers pushed the price to $90, looking to drive it even lower. SOL had started the week on a bearish note, registering a drop of nearly 8% on Monday and falling to $92.10. However, SOL recovered on Tuesday, rising by nearly 3% and moving to $94.75. After a strong start, SOL dropped back on Wednesday and ended the session at $92 before dropping even further during the ongoing session. 

Solana Price Chart Indicates SOL Could Slip Below $90  

The Solana price was extremely bearish during the previous week and had dropped by 5.51% on Monday, falling to $139.92. At this level, the 200-day SMA was acting as support, and SOL pushed back up on Tuesday, registering an increase of 0.98%. On Wednesday, the price fell back in the red, slipping below the 200-day SMA and settling at $135.22 before falling further on Thursday and dropping to $127.64. Friday saw the bearish sentiment intensify, as SOL dropped by nearly 12% and fell to $112.37.

Image: SOL/USD daily

Image: SOL/USD daily chart 012822

The Solana price continued to drop on Saturday, registering an even more significant drop of nearly 16%, slipping below the $100 level and settling at $94.62. Despite the bearish sentiment, SOL managed to register a significant recovery on Sunday, rising by 5.53% and settling at $99.85. However, the price fell back on Monday, dropping by nearly 8% and settling at $92.10, before recovering and moving to $94.75 on Tuesday. SOL made a strong start on Wednesday that saw it push past $100 for a brief time but eventually dropped off and ended the session down by nearly 3% at $92.18. The current session sees SOL at $90, with buyers looking to push the price lower.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 012822

Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 20-bar SMA on the 20th, rising to $143.28. At this level, the 50-bar SMA acted as resistance, and SOL dropped back significantly, slipping below the 20-bar SMA and falling to $124.15. SOL continued to drop from this level, slipping below the $100 level and settling at $90.69 on the 22nd. SOL made a recovery from this level, rising to $101.92, but fell back, dropping to $83.93 on the 24th. SOL was able to make a strong recovery from this level, pushing above the 20-bar SMA and rising to $98.94 on the 26th. However, the price fell back from this level, dropping back below the 20-bar SMA and then moving to its current level of $90.

We can see that the Parabolic SAR has flipped to bearish, but if SOL can manage to recover, we could see it flip back to bullish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has dropped back considerably over the past couple of sessions. If the current bearish sentiment persists, we could see SOL drop below $90, but if the price manages to recover, we could see it push towards $95.