- The Solana price registered a sharp drop during the current session, slipping below $230.
- SOL has been quite bearish over the previous week, with the current week also in the red.
The Solana price slipped below the 20-day SMA and $230 during the current session, as sellers drove down the price significantly. SOL had dropped to $228.61 on Friday but made a strong recovery on Saturday, as the price pushed up by almost 6% on Saturday. However, the price was back in the red on Sunday, registering a drop of 1.28%. On Monday, SOL registered a marginal fall, getting the week off to a bearish start before dropping during the current session.
Solana Price Chart Indicates SOL Could Drop To $220
The Solana price started the previous weekend on a highly bullish note, as it pushed up by over 9% on Saturday. Despite the bullish sentiment, the price fell back on Sunday, dropping by 3.44% on Sunday and settling at $249.78. The bearish sentiment continued on Monday, with SOL registering a marginal drop before falling by 3.73% on Tuesday and settling at $239.15. Wednesday saw the bullish sentiment continue, as the price dropped by 2.42% before it registered a marginal increase on Thursday.
Image: SOL/USD daily
After Thursday’s marginal recovery, SOL fell back in the red on Friday, as the price dropped by 2.09%, settling at $228.61. SOL made a strong recovery on Saturday, as it rose by almost 6%, pushing up to $241.69. However, the price was back in the red on Sunday, falling to $238.59. The bearish sentiment continued in the current week, with the price registering a marginal drop on Monday before the current session saw SOL register a drop of over 11%.
We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could fall further.
Image: SOL/USD 4-hour
Looking at the 4-hour Solana Price chart, we can see that SOL had dropped significantly on the 11th, with the price falling to $222.47 by the 12th. SOL recovered from this level, as the price pushed to $228.89 before dropping to $229.62. SOL surged from this level as the price moved above the 20-bar and 50-bar SMAs to settle at $241.69. The price fell back from this level, as it dropped back below the 50-bar SMA to $234.51. The price recovered once again, pushing back above the 50-bar SMA to $243,47. After reaching this level, SOL turned bearish as the price slipped below the 20 and 50-bar SMAs, dropping to $226.92 and then to its current level of $217.
The Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.
Bloomberg Creates Solana Price Index
Bloomberg and Galaxy Digital have added a new index to their suite of crypto data products, one focused on the digital asset Solana. The Bloomberg Galaxy Solana Index is now live on Bloomberg's Terminal, according to an announcement by Tim Grant, head of Europe for Galaxy. According to Grant, the index is denominated in USD.
Grant said:
"This marks our fifth index in the Bloomberg Galaxy family of indices which are posted below. In addition, the launch of this index has added significance as this is the first institutional grade pricing source for Solana which will allow for registered Solana based products in certain jurisdictions that require a global pricing source."
Galaxy and Bloomberg's index partnership dates back to 2018. In August, the two firms debuted an index focused on decentralized finance or DeFi. Such indexes are used to route pricing information for use in financial products.
While many pundits have labeled Solana as an “Ethereum killer” due to its lower fees and faster transaction times, Solana Labs co-founder Raj Gokal recently said the project has no desire to kill the cryptocurrency.
Solana Price Is Expected To Reach These Levels
The Solana price chart shows us that SOL had dropped significantly during the current session. If the current sentiment persists, then we could see the price slip below $200.