Solana Price Prediction: SOL Drops After Pushing To $117 On Monday

Daiy Solana SOL Technical Anlaysis

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Last Updated February 9th 2022
3 Min Read
  • The Solana price is down by nearly 4%, as SOL failed to push to $120. 
  • SOL had been highly bullish in recent sessions and had surged by over 10% on Friday. 

The Solana price fell back considerably during the current session as sellers drove the price down towards $110. SOL was quite bullish over the weekend, surging to $112.65 on Friday. SOL remained bullish over the weekend, rising by 1.05% on Saturday and then registering an increase of 1.35% on Sunday to end the weekend at $115.37. Monday saw SOL continue to push higher as the price rose to $117.62 before falling back during the ongoing session. 

Solana Price Chart Indicates SOL Could Drop Below $110 

The Solana price was quite bullish over the previous weekend, rising by over 5% on Saturday. However, it fell back on Sunday, dropping by nearly 3% and ending the weekend at $93.40. SOL recovered on Monday, rising by 6.61% and moving to $99.59, and then registered an increase of nearly 11% on Tuesday, surging to $110.08. SOL fell back on Wednesday despite the bullish sentiment, dropping by over 7% and settling at $101.86, and then registering another marginal drop on Thursday.

Image: SOL/USD daily

Image: SOL/USD daily chart 020922

The Solana price made a strong recovery on Friday, as it surged by nearly 11%, pushing past the 20-day SMA and rising to $112.65. The weekend saw SOL remain in the green, rising by 1.05% on Saturday and then rising by 1.35% on Sunday to end the weekend at $115.37. The current week started with SOL remaining bullish, rising by nearly 2% on Monday, before dropping back during the ongoing session.

We can see that the MACD 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 020922

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $110.75 on the 2nd. After reaching this level, the price fell back, dropping to $101.86 and then slipping below the 20-bar SMA and falling to $97.49, where the 50-bar SMA acted as support. As a result, SOL was able to stay at this level for the next few sessions before making a strong recovery, pushing back above the 20-bar SMA and rising to $115.68 on the 5th. SOL registered a marginal drop from this session before pushing up to $121.44, where the 200-bar SMA acted as resistance. As a result, the price fell back, dropping below the 20-bar SMA and falling to its current level of $114.

We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop further.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has dropped considerably during the ongoing session. If the current sentiment persists, we could see SOL drop below $110.