Solana Price Prediction: SOL Bullish, Pushes Back Above $100

Daily Solana SOL Technical Anlaysis

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Last Updated February 16th 2022
3 Min Read
  • The Solana price is up considerably during the ongoing session, as buyers pushed the price above $100. 
  • SOL was quite bearish during the previous week and had dropped to $92.84 on Sunday. 

The Solana price is currently up by over 6% during the ongoing session, as SOL looks to push past the 20-day SMA. SOL was quite bearish over the weekend and had registered a marginal drop on Saturday before falling by over 4% on Sunday to end the weekend at $92.84. Despite the bearish sentiment, SOL recovered on Monday, rising by almost 4% and moving to $96.43. The current session sees SOL at $102 after buyers pushed it above $100. 

Solana Price Chart Indicates SOL Looking To Push Past 20-Day SMA 

The Solana price was fairly bullish during the previous weekend, as the price pushed up by 1.05% on Saturday and then by 1.35% on Sunday to end the weekend at $115.37. SOL remained bullish on Monday, rising by almost 2% and moving to $117.63 before falling back on Tuesday, dropping by 3.46% and falling to $113.56. SOL registered a marginal recovery on Wednesday before dropping back on Thursday, falling by 6.48% to $106.58.

Image: SOL/USD daily

Image: SOL/USD daily chart 021622

The Solana price remained in the red on Friday as it continued to drop, falling by over 8%, slipping below the 20-day SMA, and falling to $97.59. The weekend saw SOL remain in the red, as it registered a marginal drop on Saturday before falling by over 4% on Sunday to settle at $92.84. Monday saw SOL recover, as it rose by almost 4%, and then moved past $100 during the current session.

We can see that the MACD is bullish, but if SOL cannot move past the 20-day SMA, we could see it flip to bearish.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 021622

Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $111.35 on the 9th, where the 50-bar SMA acted as support. SOL pushed up from this level, rising to $115.12 but could not move past the 20-bar SMA and fell to $111.36. SOL continued to drop from this level, slipping below the 50-bar SMA and dropping to $105.21 on the 11th. SOL registered a marginal recovery from this level before dropping back significantly, falling to $94.96 and then gradually to $92.26 on the 13th. SOL was able to recover from this level, as it rose to $96.58 before pushing above the 20-bar SMA and moving to its current level of $101.

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

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has been extremely bullish since the start of the week. However, SOL also faces strong resistance, thanks to the 20-day SMA. If bearish sentiment takes over, we could see SOL slip back below $100. However, if SOL can push past the 20-day SMA, we could see it push to $105.