- The Solana price has been extremely bullish over the past few days and looks set to move past $200
- SOL had been extremely bullish towards the end of the previous week and had risen by over 6% on Thursday.
The Solana price continued its upward trajectory and is on the cusp of moving past $200 during the ongoing session unless the 50-day SMA plays spoilsport. SOL had surged by 6.55% on Thursday, moving to $190.09. Friday saw a highly volatile session, at the end of which SOL was able to register only a marginal increase. The price continued to push higher over the weekend, rising by 1.36% on Saturday and by 2.46% on Sunday to end the weekend at $197.88 before moving past $200 during the ongoing session.
Solana Price Chart Indicates 50-Day SMA Could Act As Resistance.
The Solana Price started the previous weekend on a fairly bearish note, dropping by 0.62% on Friday. The price recovered on Saturday, rising by over 4% and settling at $183.03, before falling back over the weekend and settling at $180.08 on Sunday. SOL continued to drop on Monday, falling to $173.94 before rising by 3.43% and settling at $179.90 on Tuesday. With the 20-day SMA coming into play as resistance at this level, SOL fell back on Wednesday, dropping to $178.41.
Image: SOL/USD daily
After dropping to $178.41 on Wednesday, the Solana price surged by 6.55% on Thursday, moving above the 20-day SMA and settling at $190.09. Friday saw a marginal increase after a hugely volatile session before the price also rose over the weekend. SOL rose by 1.36% on Saturday and then rose by 2.49% on Sunday to end the weekend on a positive note at $197.88. The current session has seen SOL move past $200, and with the Parabolic SAR having just flipped to bullish, we could see the price increase further.
Image: SOL/USD 4-hour
Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 50-bar SMA on the 20th, rising to $176.12. The price continued to push higher from this level and rose to $178.91. At this level, the 20-bar SMA acted as resistance, and SOL could move past this level only on the 22nd when it rose to $186.55. After reaching this level, the price dropped to $178.39, where the 20-bar SMA was acting as support. As a result, the price rose significantly, surging to $191.26 and then pushing past the 200-bar SMA on the 24th. With the 200-bar SMA now acting as support, SOL was able to stay at this level for the next few sessions before moving to its current level of $200.
We can see that the Parabolic SAR and MACD are currently bullish, indicating the price could rise.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we see that SOL has been extremely bullish over the past week and has started the current week on the same note. If the current sentiment persists, we could see SOL settle above $200 and test the resistance at where the 50-day SMA is.