Solana Price Prediction: SOL Looks To Push To $120 

Daily Solana SOL Technical Analysis

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Last Updated February 7th 2022
2 Min Read
  • The Solana price pushed up significantly over the weekend and has pushed up to $114 during the ongoing session. 
  • SOL had surged by nearly 11% on Friday, pushing up to $112.65. 

The Solana price continued to push higher over the weekend as buyers looked to push SOL towards $120. SOL had registered a marginal drop on Thursday but reported a strong recovery on Friday, surging by nearly 11%, pushing above the 20-day SMA and moving to $112.65. SOL continued to push higher over the weekend, as the price pushed up by over 1%, and moved to $113.83 on Saturday before pushing up further during the ongoing session. 

Solana Price Chart Indicates Buyers Looking To Push SOL To $120  

The Solana price started the previous weekend on a fairly positive note, rising by nearly 2% on Friday, and moving to $91.46. SOL continued to push higher over the weekend, rising by over 5% on Saturday, before dropping by nearly 3% on Sunday and ending the weekend at $93.40. The week started on a bullish note as SOL pushed up almost 7% on Monday, rising to $99.59, and then surged by nearly 11% on Tuesday, pushing up to $110.08, where the 20-day SMA was acting as resistance.

Image: SOL/USD daily

Image: SOL/USD daily chart 020722

With the 20-day SMA acting as resistance, the Solana price fell back on Wednesday, dropping over 7% and settling at $101.86. On Thursday, the price continued to drop, registering a marginal drop before recovering on Friday, pushing above the 20-day SMA and settling at $112.65. The weekend saw SOL continue to push higher, rising by 1.05% on Saturday and then pushing to $114 during the ongoing session.

We can see that the Parabolic SAR is currently bullish, indicating that we could see the price push higher.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 020722

Looking at the 4-hour Solana price chart, we see that SOL dropped to $90.29 on the 31st. The price recovered from this level, pushing above the 20 and 50-bar SMAs and moving to $107.04 on the 1st. SOL continued to push higher from this level, rising to $110.75 but fell back after reaching this level, slipping back below the 20-bar SMA and dropping to $97.49, where the 59-bar SMA acted as support. As a result, SOL was able to stay at this level for the subsequent few sessions before surging back above the 20-bar SMA and rising to $116, before dropping marginally to its current level of $114.

We can see that the MACD is currently bullish, indicating that we could see the price push higher.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has been extremely bullish since Friday, with sellers firmly in control. If the current sentiment persists, we could see SOL push towards $120. However, if sellers manage to retake the session, SOL could drop to $110.