Solana Price Prediction: SOL Back In the Red, Could Drop Below $170

Daily Solana Technical Analysis

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Last Updated December 21st 2021
3 Min Read
  • The Solana price fell back significantly during the ongoing session, dropping by over 4%. 
  • SOL has been quite bearish lately and had dropped to $179 on Sunday. 

The Solana price registered a sharp drop during the ongoing session, as the price dropped by over 4%, with sellers looking to push the price below $170. SOL had dropped on Friday as well when the price fell by 0.71% and settled at $175.69. SOL made a strong recovery on Saturday, rising by over 4% and settling at $182.93, before dropping back in the red on Sunday and settling at $179.98. The current session has seen a significant drop, as sellers look to drive the price below $170. 

Solana Price Chart Indicates SOL Could Drop To $170 

Although SOL has been quite bearish, it started the previous weekend on a fairly positive note, rising by 2.52% and settling at $172.03 on Saturday, before pushing up marginally on Sunday and settling at $172.99. However, the price fell back in the red on Monday, dropping by over 10% and settling at $155.22. On Tuesday, the price recovered, rising over 4% and moving up to $161.46, before rising by 10.62% on Wednesday and settling at $178.60.

Image: SOL/USD daily

Image: SOL/USD daily chart 122121

After pushing up to $178 on Wednesday, the Solana price fell back on Thursday, dropping by 0.93% and settling at $176.94. Friday saw another drop, with the price dropping by 0.71% and settling at $175.69. However, the weekend saw a recovery, as SOL pushed up by over 4% on Saturday and settled at $182.93. SOL was back in the red on Sunday, as the price dropped by 1.61%, dropping to $179.98. The price continued to drop during the ongoing session, with SOL currently down by almost 5%, with sellers looking to push the price to $170.

We can see that the Parabolic SAR is currently bearish, indicating that the price could continue to drop.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 122121

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up significantly on the 15th, when the price rose to $175.20, pushing above the 20 and 50-bar SMAs. SOL continued to push higher from this level, as it rose to $187.16 on the 16th. However, after reaching this level, SOL fell back significantly, dropping to $174.30, where the 20-bar SMA acted as support. As a result, the price pushed back up, rising to $187.26 before turning bearish and dropping back below the 20-bar SMA to its current level of $172.

We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL had registered a significant drop during the current session. If the current sentiment persists, we could see SOL drop to $170.