Solana Price Prediction: SOL Facing Strong Resistance, Struggling To Move Past $90 

Daily Solana SOL Technical Analysis

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Last Updated March 7th 2022
3 Min Read
  • The Solana price is down by nearly 3% during the ongoing session, as sellers dominate the markets. 
  • SOL has been relatively bearish during recent sessions and had dropped by nearly 8% on Friday. 

The Solana price is back in the red during the ongoing session, as sellers drove the price down considerably, with the 20-day SMA acting as resistance. SOL has been quite bearish during recent sessions and had dropped by over 5% on Thursday, falling to $95.68. SOL continued to drop on Friday as it slipped below the 20-day SMA, falling to $88.38. The price registered a slight recovery on Saturday, rising by 1.40% but falling back into the red during the ongoing session. 

Solana Price Chart Indicates SOL Could Drop to $85 

The Solana price went into the previous weekend on a positive note, registering an increase of nearly 4% on Friday. SOL fell back on Saturday, dropping by 2.72% and then falling by over 5% on Sunday to end the weekend at $85.64. SOL surged on Monday despite the bearish sentiment, rising by over 16%, pushing above the 20-day SMA, and settling at $99.75. However, the price fell back on Tuesday, dropping by 1.11% before recovering and rising by just over 2% on Wednesday and moving to $100.76.

SOL/USD daily chart 030722

SOL/USD daily chart. Source: TradingView

After pushing up to $100.76 on Wednesday, the Solana price fell back, dropping by just over 5% on Thursday and falling to $95.68. Friday saw the bearish sentiment continue, as SOL fell below the 20-day SMA, dropping by nearly 8% and settling at $88.38. Despite the bearish sentiment, SOL recovered on Saturday, rising to $89.62, before dropping to 487 during the ongoing session.

We can see that the MACD is currently bullish, but if SOL continues to drop, we could see it flip to bearish.

More On Solana: Solana (SOL) Price Prediction

SOL/USD 4-hour chart 030722

SOL/USD 4-hour chart. Source: TradingView

Looking at the 4-hour Solana price chart, we can see that SOL had surged to $99.75 on the 1st, pushing above the 200-bar SMA. After reaching this level, the price fell back, dropping to $97.03, with the 200-bar SMA now acting as resistance. SOL was able to break past the 200-bar SMA on the 2nd, rising to $104.29, before dropping significantly, falling below the 200 and 20-bar SMAs and settling at $95.96. SOL continued to drop from this level, slipping below the 50-bar SMA and settling at $87.76 on the 5th. SOL was able to register a marginal recovery from this level, rising to $90.19 before dropping back to its current level of $87.

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

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has been quite bearish in recent sessions and has registered a considerable drop during the ongoing session. If the current bearish sentiment persists, we could see SOL drop below $85. However, if the price manages to recover, SOL could push to $90.

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