Solana Price Prediction: SOL Fails To Push To $120

Daily Solana SOL Technical Analysis

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Last Updated February 10th 2022
3 Min Read
  • The Solana price is back in the red, as it continued to drop during the current session. 
  • SOL had been relatively bullish in recent sessions and had pushed up to $117.62 on Monday. 

The Solana price is down by almost 2% during the ongoing session, as sellers continued to push the price down. SOL had ended Sunday on a positive note, rising by 1.35% and settling at $115.37. Monday saw SOL continue to push higher, as the price pushed up to $117.62, before dropping back on Tuesday, dropping by over 3% and falling to $113.56. The current session sees SOL at $111, as sellers look to drive the price lower. 

Solana Price Chart Indicates SOL Could Drop Below $110 

The Solana price ended the previous weekend in the red, dropping by nearly 3% on Sunday. The price recovered on Monday, rising by almost 7% and moving to $99.59. On Tuesday, the price surged by nearly 11%, rising to $110.08, where the 20-day SMA came into play as resistance. As a result, the price fell back on Wednesday, dropping by over 7%, falling to $101.86. On Thursday, SOL remained in the red, registering a marginal drop, before recovering on Friday, surging by nearly 11% and pushing past the 20-day SMA, rising to $112.65.

Image: SOL/USD daily

Image: SOL/USD daily chart 021022

The Solana price remained in the green over the weekend, rising by 1.05% on Saturday and then rising by 1.35% on Sunday to end the weekend at $115.37. Monday saw SOL continue to push higher, as the price rose by 1,95%, moving to $117.62, before dropping back on Tuesday and falling to $113.56. The current session sees SOL at $111, with buyers looking to push the price lower.

The MACD is currently 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 021022

The 4-hour Solana price chart shows us that SOL had dropped below the 20-bar SMA on the 3rd when the price fell to $97.49. At this level, the 50-bar SMA was acting as support, and the price was able to stay at this level for the subsequent few sessions before making a strong recovery on the 4th. SOL surged past the 20-bar SMA on the 4th, rising to $114.29, before dropping back, registering a marginal drop, and falling to $112.97. The price recovered from this level, rising to $121.44, where the 200-bar SMA acted as resistance. As a result, the price fell back, slipping below the 20-bar SMA and dropping to its current level of $111.

We can see that the MACD and Parabolic SAR are both currently 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 over the past couple of sessions, with the price down nearly 2% during the current session. If sellers remain in control, SOL could drop below $110. However, if the price can recover, we could see SOL push back above $115.