Solana Price Prediction: Selling Pressure Drives SOL Down Significantly, Drops Below $100 

Daily Solana SOL Technical Analysis

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Last Updated March 4th 2022
3 Min Read
  • The Solana price fell back significantly over the past couple of sessions and is down by nearly 5% during the ongoing session. 
  • SOL had pushed to $100 on Wednesday but fell back on Wednesday after registering a drop of over 5%. 

The Solana price continued to drop during the ongoing session, as selling pressure drove the price below the 20-day SMA to its current level of $91. SOL had started the week in the red, dropping by 1.11% on Tuesday and settling at $98.65. However, SOL made a strong recovery on Wednesday, rising by 2.15% before falling back in the red on Thursday, dropping by just over 5% and settling at $95.68, and then slipping below the 20-day SMA during the ongoing session. 

Solana Price Chart Indicates SOL Could Drop Below $100 

The Solana price started the previous week on a bearish note, dropping by over 8% on Monday and settling at $83.04. SOL was able to recover on Tuesday, pushing up by 4.12% and moving to $86.46 but fell back on Wednesday, registering a drop of over 2% and settling at $84.58. SOL made a strong recovery on Thursday, as the price rose by nearly 6%, moving to $89.40, then rising by nearly 4% and moving to $92.80.

SOL/USD daily chart 030422

SOL/USD daily chart. Source: TradingView

The Solana price fell back in the red over the weekend, dropping by 2.72% on Saturday and then registering a drop of over 5% on Sunday to end the weekend at $85.64. Despite the bearish sentiment, SOL registered a strong recovery on Monday, rising by over 16%, pushing above the 20-day SMA, and moving to $99.16. The price faced resistance at this level and fell back, dropping by 1.11% on Tuesday before rising and moving to $100.77 on Wednesday. However, SOL fell back in the red on Thursday, dropping by 5.05% and then slipping below the 20-day SMA during the ongoing session.

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

More On Solana: Solana Price Prediction For 2025 And 2030

SOL/USD 4-hour chart 030422

SOL/USD 4-hour chart. Source: TradingView

Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $84.88 on the 27th. The price made a strong recovery from this level, as it surged past the 20 and 50-bar SMAs and moved to $95.70. After reaching this level, SOL continued to push higher and pushed above the 200-bar SMA, rising to $99.75 before dropping back below the 200-bar SMA to $97.03. With the 200-bar SMA now acting as resistance, SOL could not move past this level until it moved to $104.29 on the 2nd. The price fell back significantly from this level, dropping below the 200-bar SMA on the 3rd, falling to $98.39. The price continued to drop from this level, dropping below the 20 and 50-bar SMAs to its current level of $91.

We can see that the MACD and Parabolic SAR are both bearish, indicating that we could see the price drop further.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows us that SOL has dropped over the past couple of sessions, with the price slipping below the 20-bar SMA during the ongoing session. If the current sentiment persists, we could see SOL slip below $90.

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