Solana Price Prediction: SOL Fails To Push To $100

Daily Solana SOL Technical Analysis

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Last Updated February 1st 2022
3 Min Read
  • The Solana price registered a significant drop during the ongoing session and is down by over 3%. 
  • SOL had pushed up to $96 on Saturday, as buyers hoped to push the price above $100. 

The Solana price is down over 3% during the ongoing session, as SOL failed to push to $100 over the weekend, instead slipping to $90. SOL had dropped by nearly 3% on Thursday, dropping to $89.69. However, the price recovered on Friday, rising by almost 2% and moving to $91.46. The weekend started with the bullish sentiment persisting, as the price rose over 5% on Saturday and moved to $96.17. Despite the bullish sentiment, the price fell back on Sunday, dropping by nearly 3% and settling at $93.40, before dropping further during the current session. 

Solana Price Chart Indicates Sellers Looking To Push Price Below $90 

The Solana price was extremely bearish over the previous weekend, as it registered a drop of nearly 12% on Friday. SOL continued to drop on Saturday, falling by almost 16% and settling at $94.62. Despite the overwhelmingly bearish sentiment, SOL registered a recovery on Sunday, rising by 5.53% and settling at $99.85. However, Monday saw SOL back in the red, as the price dropped by nearly 8%, settling at $92.10, before recovering on Tuesday and rising to $94.75. The price fell back on Wednesday, as SOL dropped by nearly 3%, falling to $92.18. 

Image: SOL/USD daily

Image: SOL/USD daily chart 020122

The Solana price continued to drop on Thursday, falling by 2.70% and settling at $89.69. However, the price recovered on Friday, rising by nearly 2%, moving to $91.46, and then pushing up by over 5% on Saturday, moving to $96.17. Despite the bullish sentiment, the price fell back on Sunday, dropping by nearly 3% and ending the weekend at $93.40. The current session sees SOL at $90, with sellers looking to push the price even lower.

We can see that the Parabolic SAR is currently bullish, indicating that we could see the price push recover from its current level.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 020122

Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $83.93 on the 24th. The price pushed back from this level, rising to $92.08 and then pushing above the 20-bar SMA, moving to $98.93 on the 26th. SOL fell back after reaching this level, slipping back below the 20-bar SMA and falling to $86.88. The price pushed up from this point, rising to $92.40 but could not push past the 20-bar SMA and fell to $88.65 on the 28th. SOL made a strong recovery from this level and rose above the 20 and 50-bar SMAs, rising to $97.28, and then registered a marginal drop, falling to $96.70 on the 30th. After reaching this level, SOL turned bearish and dropped below the 20 and 50-bar SMAs, falling to its current level of $90.

We can see that the Parabolic SAR and MACD have both 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 see that SOL has dropped considerably over the past couple of sessions, with the price currently down to $90. We could see SOL make a recovery from its current level of $90, but if sellers manage to pierce this level, we could see the price drop towards $85.