Solana Price Prediction: SOL Continues To Drop, Slips Below $170

Daily Solana Technical Analysis

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Last Updated December 13th 2021
3 Min Read
  • The Solana price slipped below $170 as SOL continued to drop after a recovery on Saturday. 
  • SOL had pushed up by 2.68% as it tried to reverse a bearish trend that stretched back to last weekend. 

The Solana price fell back in the red during the ongoing session, dropping below $170 as sellers continued to drive the price down. SOL had registered an increase of 2.34% on Wednesday but fell back on Thursday, dropping by almost 7% and settling at $181.27. Friday saw SOL continue to drop, falling to $167.60, before rising to $172.09 on Saturday, after registering an increase of 2.68%. 

Solana Price Chart Indicates SOL Could Drop To $165 

The Solana price has been bearish since last weekend, as it registered a sharp drop of 9.32% on Friday, slipping below the 20-day SMA. SOL continued to drop on Saturday, slipping below the 50-day SMA and falling to $201.10, registering a drop of over 5%. Sunday saw SOL slip below $200 as the price dropped to $196.71. The week started with the bearish sentiment in full swing, with SOL dropping by 1.39% on Monday and then by 1.85% on Tuesday to settle at $190.39.

Image: SOL/USD daily chart 121321

Image: SOL/USD daily

After dropping to $190.39 on Tuesday, the Solana price recovered on Wednesday, rising by 2.34% and settling at $194.85. However, SOL fell back on Thursday, falling by almost 7% and settling at $181.27. SOL continued to drop on Friday, as it slipped below $170, settling at $167.60 after dropping by over 7%. SOL recovered on Saturday, pushing up by 2.68%, but fell back on Sunday and is currently down by almost 2%.

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

Image: SOL/USD 4-hour chart 121321

Image: SOL/USD 4-hour

The 4-hour Solana price chart shows us the clear bearish trend that SOL is experiencing. SOL had pushed above the 20-bar SMA on the 7th when the price rose to $195.60. SOL continued to push up from this level, as it rose to $203.42, but fell back from this level, slipping back below the 20-bar SMA and settling at $186.52. SOL pushed back above the 20-bar SMA on the 8th but fell back, slipping back below the SMA and dropping to $167.59. SOL maintained this level, with the price currently at $168.

We can see that the MACD and the Parabolic SAR are bullish, but if the price continues to drop, we could see them flip to bearish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has fallen back in the red during the current session. If the current sentiment persists, we could see SOL drop to $165.