Solana Price Prediction: SOL Continues To Drop, Slips Below $190

Daily Solana Technical Anlaysis

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Last Updated December 8th 2021
3 Min Read
  • The Solana price is firmly in the red during the ongoing week, as it slipped below $190
  • SOL has been highly bearish since the weekend and has seen the price continue to drop during the ongoing week. 

The Solana price fell below $190 as the selloff continued, with sellers dominating the market. SOL had dropped significantly on Friday and then registered a drop of over 5% on Saturday. SOL continued to drop on Sunday and ended the weekend down at $196.71. The week started with the bearish sentiment persisting, with SOL dropping by 1.39% and then by 1.85% on Tuesday, as sellers pushed the price to $190. The current session sees SOL still in the red, with the price down to $187. 

Solana Price Chart Indicates SOL Has Support At $180 

The Solana price started the previous week on a bullish note, as it rose by 1.71% and settled at $204.36. Tuesday saw SOL push above the 50-day SMA, rising to $208.87. SOL pushed above the 20-day SMA on Wednesday, rising by over 10% and settling at $229.85, before another increase of 1.71% took the price up to $233.78 on Thursday. However, after reaching this level, the Solana price fell back, as it dropped by over 9% on Friday, slipping below the 20-bar SMA and settling at $212.

Image: SOL/USD daily chart 120821

Image: SOL/USD daily

After dropping by over 5% on Friday, the Solana price continued to drop over the weekend, falling by over 5% on Saturday and settling at $201.10. SOL continued to drop on Sunday, slipping below $200 and settling at $196.71. Monday saw SOL remain in the red, falling by 1.39% and dropping to $193.97, with Tuesday’s drop of 1.85% bringing the price down to $190.39. The current session sees SOL slipping below $190 as the price drops to $188.

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

Image: SOL/USD 4-hour chart 120821

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we see that SOL had pushed up to $230.32 after pushing above the 200-day SMA. SOL could stay at this level for the next few sessions, thanks to the 200-day SMA acting as support. The price turned bearish on the 3rd, as it slipped below all three SMAs and settled at $188.49 on the 4th. SOL pushed up from this level, pushing to $207.31, but with the 50-bar SMA acting as resistance at this level, the price dropped back to $182.13 on the 6th. After rising from this level, SOL pushed above the 20-bar SMA on the 7th, then dropped to its current level of $187.

We can see that the MACD is still bullish, indicating that the price could rise. However, the Parabolic SAR has just flipped to bearish, indicating that the price could drop to $180 should sellers retake the market.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has been highly bearish since the weekend, with the price firmly in the red. If the current bearish sentiment persists, we could see SOL drop towards $185; if buyers retake the market, we could see the price push to $190.