Solana Price Prediction: SOL Looks To Push Back Above $100

Daily Solana SOL Technical Analysis

Last Updated February 22nd 2022
3 Min Read
  • The Solana price is up by over 4% during the ongoing session, as buyers look to push SOL higher. 
  • SOL had been relatively bearish during the previous week and had dropped by over 8% on Thursday. 

The Solana price made a fairly positive start to the week, as buyers pushed SOL to $94 and looked to push the price higher. On Friday, SOL had dropped by almost 4% before making a fairly strong recovery, rising by 1.51% and settling at $91.33. However, SOL fell back in the red on Sunday, dropping to $90.69, before recovering during the ongoing session and pushing to $94. 

Solana Price Chart Indicates SOL Could Push Towards $100 

The Solana price started the previous weekend on an extremely bearish note, dropping below the 20-day SMA on Friday and settling at $97.59. The weekend saw SOL remain in the red, registering a marginal drop on Saturday and then falling by 4.41% on Sunday, settling at $92.84. SOL made a fairly strong recovery on Monday, as the price rose by almost 4% to $96.43 before surging by 9.50% on Tuesday, moving past the 20-day SMA and settling at $105.59. However, SOL fell back on Wednesday, moving back below the 20-day SMA and falling to $101.92.

Image: SOL/USD daily

Image: SOL/USD daily chart 022222

The Solana price continued to drop on Thursday, falling over 8% and settling at $93.60, and then fell by almost 4% on Friday, settling at $89.97. The weekend saw SOL register an increase of 1.51% on Saturday before dropping back on Sunday, falling to $90.69. The current session sees SOL at $94, as buyers look to push the price higher.

We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.

Check Out: The 5 Best Ways To Buy Solana (SOL)

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 022222

The 4-hour Solana price chart shows us that SOL had pushed up to $105.60 on the 15th, pushing above the 50-bar SMA. However, SOL fell back from this level, dropping to $99.10, where the 20-bar SMA came into play as support. SOL rose to $103.33 but could not push past the 50-bar SMA and fell back, dropping below the 20-bar SMA and settling at $93.60 on the 18th. SOL registered a marginal recovery from this level but fell back, dropping to $90.98. SOL stayed at this level for the next few sessions before dropping to $87.40 on the 20th. SOL made a strong recovery from this level, pushing above the 20-bar SMA and moving to its current position of $94.79.

We can see that the Parabolic SAR and MACD are bullish, indicating that the price could push higher. However, if SOL cannot move past the 50-bar SMA, we could see them flip to bearish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has made a fairly strong recovery during the ongoing session. If the current sentiment persists, we could see SOL push towards $100. However, if sellers force the price down, we could see SOL drop to $90.

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