Solana Price Prediction: Can Market Recover Push SOL Back To $100?

Daily Solana SOL Technical Analysis

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Last Updated February 24th 2022
3 Min Read
  • The Solana price is up by almost 7% during the ongoing session as it targets $100. 
  • SOL had been relatively bearish in recent sessions and had dropped by over 8% on Monday. 

The Solana price pushed above $90 during the ongoing session as buyers look to push SOL above $100, with the price currently up over 7%. SOL had ended the weekend in the red, dropping by 0.70% on Sunday. On Monday, the price continued to drop, falling over 8% to $83.04 before recovering on Tuesday, rising by 4.13% and moving to $86.47. The current session sees SOL at $92, with buyers in control of the markets. 

Solana Price Chart Indicates SOL Could Push To $100 

The Solana price started the previous week on a fairly positive note, rising by almost 4% on Monday and then surging by 9.50% on Tuesday, going past the 20-day SMA and settling at $105.59. SOL fell back on Wednesday, falling back below the 20-day SMA and settling at $101.92. Thursday saw SOL drop by over 8%, slipping below the $100 level and dropping to $93.60, and then dropping by almost 4% on Friday, settling at $89.87.

Image: SOL/USD daily

Image: SOL/USD daily chart 022422

Despite the bearish sentiment, the Solana price registered a recovery on Saturday, rising by 1.51%. However, the price fell back in the red on Sunday, falling to $90.69. The bearish sentiment persisted on Monday, with SOL dropping by 8.44% and falling to $83.04 before recovering on Tuesday and rising to $86.47. The current session sees SOL at $92, as buyers look to push the price higher. While the MACD is currently bearish, we could see it flip to bullish if SOL can push back above $95.

Check Out: Is Solana (SOL) Safe To Invest In?

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 022422

The 4-hour Solana price chart shows that SOL dropped to $93.60 on the 18th. The price registered a marginal increase from this level, rising to $95.21 before turning bearish and dropping to $89.95. SOL continued to drop from this level, falling to $87.40 on the 20th, before making a strong recovery, surging past the 20-bar SMA and rising to $95.57. At this level, the 50-bar SMA was acting as resistance, and SOL fell back, dropping back below the 20-bar SMA and falling to $81.70. After dropping to this level, SOL recovered and pushed back above the 20-bar SMA, rising to its current level of $92.

The Parabolic SAR and MACD have both flipped to bearish, indicating that the price could push higher.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has registered a strong increase during the ongoing session. If the current bullish sentiment persists, we could see SOL push towards $100. However, if sellers manage to push the price down, it could drop below $90.

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