Solana Price Prediction: SOL Back In the Red, Slips Below $100

Daily Solana SOL Technical Analysis

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Last Updated February 18th 2022
3 Min Read
  • The Solana price is currently down by over 2%, as sellers pushed SOL below the $100 level. 
  • SOL had a fairly strong start to the week and had pushed up by over 9% on Tuesday. 

The Solana price is back in the red during the ongoing session, as sellers pushed SOL below the $100 level. SOL had started the week on a fairly positive note, rising by almost 4% on Monday and moving to $96.43. The price continued to push higher on Tuesday, as it moved above the 20-day SMA and rose to $105.59. However, the price fell back on Wednesday, dropping back below the 20-bar SMA and falling to $101.92 before dropping below $100 during the current session. 

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Solana Price Chart Indicates SOL Could Drop Towards $95 

The Solana price started the previous week on a fairly positive note, rising by almost 2% on Monday and moving to $117.63. The price fell back on Tuesday, dropping by 3.46% and dropping to $113.56. SOL registered a marginal recovery on Wednesday before falling back in the red on Thursday, dropping by over 6% and falling to $106.58. Friday saw SOL continue to drop, as it fell by over 8%, dropping below the 20-day SMA and ending the day at $97.59.

Image: SOL/USD daily

Image: SOL/USD daily chart 021822

The Solana price remained in the red over the weekend, registering a marginal drop on Saturday and then dropping by over 4% on Sunday to end the weekend at $92.84. Monday saw SOL back in the green, as it rose by almost 4% and then surged by 9.51% on Tuesday, moving above the 20-day SMA and settling at $105.60. However, SOL fell back on Wednesday, dropping over 3%, slipping below the 20-day SMA and settling at $101.92. The current session sees SOL below the $100 level, as sellers look to push the price lower.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 021822

The 4-hour Solana price chart shows that SOL dropped to $111.36 on the 10th. SOL continued to drop from this level, slipping below the 50-bar SMA and dropping to $105.21. SOL made a marginal recovery from this level but fell back again, dropping to $94.96 on the 12th. SOL remained bearish after dropping to this level and fell to $92.26. SOL was able to make a strong recovery from this point, as it rose to $96.58 and then pushed past the 20-bar SMA, rising to $101.40. SOL then moved above the 50-bar SMA on the 16th before dropping back, falling below the 50 and 20-bar SMAs and moving to its current level of $99.

We can see that the Parabolic SAR is currently 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 been quite bearish over the past couple of sessions. If the current sentiment persists, we could see SOL drop towards $95.