Solana Price Prediction: SOL Back In The Red After Bullish Weekend, Down By Almost 5%

Daily Solana Technical Analysis

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Last Updated November 22nd 2021
3 Min Read
  • The Solana price fell back during the current session after pushing up to $230 on Sunday. 
  • SOL had been quite bearish during the previous week but picked up over the weekend after increasing by over 10% on Friday. 

The Solana price fell during the current session, down by 5%, as sellers pushed the price below $220. SOL had dropped below $200 on Thursday but made a strong recovery on Friday, rising by over 10% and settling at $215.27. SOL remained in the green over the weekend, as the price pushed up by 1.20% on Saturday and by almost 6% on Sunday to end the weekend at $230.57. However, after encountering strong resistance at this level, the price dropped during the current session. 

Solana Price Chart Indicates Sellers Looking To Push Price Below $220 

The Solana price started the previous weekend on a bullish note, as it rose by almost 6% on Saturday and settled at $241.69. However, the price fell back on Sunday, dropping by 1.28%, and ended the weekend at $238.59. SOL remained in the red on Monday, as it registered a marginal drop before falling by almost 8% on Tuesday, slipping below the 20-day SMA and settling at $219.28. Wednesday saw yet another marginal drop before SOL dropped by almost 11% on Thursday to drop below $200 and settle at $195.18.

Image: SOL/USD daily chart 112221

Image: SOL/USD daily

After Thursday’s sharp drop, the Solana price recovered on Friday, as it rose by 10.30% to settle at $215.27. The weekend saw the positive sentiment continue as SOL pushed up by 1.20% on Saturday. SOL continued to push up on Sunday, as it rose by almost 6% and settled at $230.57. However, with the 20-day SMA acting as resistance at this level, the price fell back during the current session, with sellers looking to push the price below $220.

We can see that the Parabolic SAR has just flipped to bullish, indicating that the price could recover and push higher.

Image: SOL/USD 4-hour chart 112221

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had slipped below the 20 and 50-bar SMAs when the price dropped to $226.92. SOL could only post a marginal recovery from this level before dropping to $212.58. The price pushed up to $220.37 but fell back in the red, dropping to $214.22. After reaching this level, SOL fell back into the red, as the price slipped below the 200-bar SMA and settled at $197.05. After dropping further to $192.09, SOL made a strong recovery, as it pushed past the 20 and 200-bar SMA and settled at $217.66. However, the price could not stay at this level and slipped back between the 20 and 200-bar SMAs, dropping to $207.41. The price pushed back above the two SMAs, rising to $217.86, before slipping below the 200-bar SMA and settling at $211.70. The price stayed at this level for a few sessions, with the 200-bar SMA acting as resistance, but broke past it when it rose by over 6%, pushing past the 200-bar and 50-bar SMAs to settle at $230.68 before dropping sharply to $220.67.

We can see that the MACD is currently bullish, indicating that the price could recover during the session, thanks to the 50-bar SMA acting as support.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has taken a significant drop during the ongoing session. If the current sentiment persists, we could see the price slip below $220 and drop towards $215. However, if the price recovers, we could see it move towards $230.