- The Solana price is currently down by over 2%, as bearish sentiment persists.
- SOL has been extremely bearish during recent sessions and had dropped by over 8% on Thursday.
The Solana price continued to drop as sellers pushed SOL below the crucial $90 level, with SOL down by over 2%. SOL had dropped over 8% on Thursday, falling to $93.60, and then registered a fall of almost 4% on Friday, dropping to $89.97. Despite the bearish sentiment, SOL was able to recover on Saturday, rising by 1.51% before dropping back in the red during the ongoing session.
Solana Price Chart Indicates SOL Could Drop Further
The Solana price had started the previous weekend on an extremely bearish note, dropping below the 20-day SMA and falling to $97.59 on Friday. Over the weekend, SOL remained in the red, registering a marginal drop on Saturday before dropping by over 4% on Sunday, ending the weekend at $92.84. Despite the bearish sentiment, SOL recovered on Monday, rising by almost 4% and then surging by 9.50% on Tuesday, pushing above the 20-day SMA and settling at $105.59.
Image: SOL/USD daily
The Solana price fell back on Wednesday, as it fell back below the 20-day SMA to $101.92. Thursday saw SOL register a significant drop, as the price fell by over 8%, dropping to $93.60, and then registering a drop of almost 4% on Friday, dropping to $89.97. Despite the bearish sentiment, SOL registered a recovery on Saturday, rising by 1.51% before dropping back during the ongoing session.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
Check Out: Solana Price Prediction
Image: SOL/USD 4-hour
The 4-hour Solana price chart shows that SOL had pushed up to $101.40. SOL remained bullish after reaching this level, rising to $105.60 and pushing above the 50-bar SMA. After reaching this level, SOL turned bearish and fell back, dropping back below the 50-bar SMA and falling to $99.10, where the 20-bar SMA acted as support. As a result, SOL was able to push up, rising to $103.33, before dropping below the 20-bar SMA, falling to $93.60 on the 18th. SOL registered a marginal increase from this level but fell back, dropping to $90.98 and then dropping to its current level of $89.74.
We can see that the Parabolic SAR and MACD are 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 been extremely bearish in recent sessions. If the current sentiment persists, we could see SOL drop to $85 before recovering.