- The Solana price is marginally up during the ongoing session, as buyers look to push SOL above $85.
- SOL has been extremely bearish during recent sessions and had dropped by over 8% on Monday.
The Solana price is up by over 1% during the ongoing session, as it looks to reverse its current bearish trend and push the price higher. SOL had pushed up by 1.51% on Saturday but fell back in the red on Sunday, registering a marginal drop and ending the weekend on a bearish note. The bearish sentiment persisted on Monday, as SOL dropped by over 8%, falling to $83, before recovering during the current session.
Solana Price Chart Indicates SOL Could Push Above $85
The Solana price started the previous weekend on a bearish note, registering a marginal drop on Saturday and then falling by 4.41% on Sunday, ending the weekend at $92.84. However, SOL recovered on Monday, rising by 96.43 and then pushing up by 9.50% on Tuesday, pushing above the 20-day SMA and settling at $105.59. However, the price fell back on Wednesday, dropping back below the 20-day SMA and settling at $101.92. SOL continued to drop on Thursday, dropping by over 8% and settling at $93.60.
Image: SOL/USD daily
The Solana price continued to drop on Friday, falling by almost 4% and settling at 89.97. Despite the bearish sentiment, SOL recovered on Saturday, rising by 1.51% and moving to $91.33. However, the price fell back in the red on Sunday, dropping by 0.70% to $90.69. Monday saw the bearish sentiment persist, with SOL dropping by 8.44% to $83.04 before registering a marginal recovery during the ongoing session.
We can see that the MACD is currently bearish, but if SOL can recover, we could see it flip to bullish.
Check Out: Is Solana a Good Buy?
Image: SOL/USD 4-hour
Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $99.15 on the 17th, slipping below the 20-bar SMA. SOL continued to drop from this level, dropping to $93.60 and then rising to $95.21. However, SOL fell back from this level and dropped to 90.98 on the 18th, and then gradually fell to $87.90 on the 20th. SOL made a strong recovery from this level, pushing above the 20-bar SMA and rising to $95.98. At this level, the 50-bar SMA was acting as resistance, and the price fell back, dropping below the 20-bar SMA to $89.25 and then falling to its current level of $83.
The MACD is currently bearish, but if SOL can push past $85, we could see it flip to bullish.
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 but has managed a marginal recovery during the current session. If the current sentiment persists, we could see SOL push past $85.