Solana Price Prediction: SOL Looks To Stay Above $100 After Considerable Drop

Daily Solana SOL technical Analysis

By
Last Updated February 17th 2022
3 Min Read
  • The Solana price is down nearly 3% during the ongoing session. 
  • SOL had a strong start to the week and had pushed up by 9.50% on Tuesday. 

The Solana price fell back during the current session, as bearish sentiment pushed SOL back below the 20-day SMA. SOL had ended the weekend on a bearish note, dropping by over 4% on Sunday, falling to $92.84. However, the price recovered on Monday, rising by almost 4% and moving to $96.43. Tuesday saw SOL register a significant increase, as SOL rose by 9.50% and moved to $105.59, pushing above the 20-day SMA before dropping back during the current session. 

Solana Price Chart Indicates SOL Could Drop To $100 

The Solana price started the previous weekend on a positive note, rising by 1.05% on Saturday and then pushing up by 1.35% on Sunday to end the weekend at $115.37. Monday saw SOL remain in the green, as the price pushed up to $117.63 before dropping back on Tuesday, falling by 3.46% and falling to $113.56. SOL registered a marginal increase on Wednesday before falling back in the red on Thursday, falling by over 6% and dropping to $106.58.

Image: SOL/USD daily

Image: SOL/USD daily chart 021722

After dropping to $106 on Thursday, the Solana price remained in the red on Friday, as it dropped below the 20-day SMA, falling to $97.59. The weekend saw SOL remain bearish, registering a marginal drop on Saturday and then falling by 4.41% on Sunday to settle at $92.84. Despite the bearish sentiment, SOL recovered on Monday, rising by almost 4% and then pushing up by 9.50% on Tuesday, pushing above the 20-day SMA and rising to $105.59 before dropping during the current session.

We can see that the MACD is 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 021722

Looking at the 4-hour Solana price chart, we can see that SOL had moved to $113.45 on the 10th. The price fell back considerably from this level, falling below the 20-bar SMA and dropping to $105.21. After registering a marginal recovery from this level, SOL fell back again, registering a sharp drop to $94.96 on the 12th. SOL registered another marginal recovery from this level, rising to $98.06 before dropping to $92.26 on the 13th. SHIB made a fairly strong recovery from this level, rising to $96.58 and then pushing past the 20-bar SMA and moving to $101.40. SHIB continued to push higher from here, pushing above the 50-bar SMA and then dropping to its current level of $102.

We can see that the MACD and Parabolic SAR are bullish, but if the price continues to drop, 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 registered a considerable drop during the ongoing session. If the current sentiment persists, we could see SOL drop to $100 before recovering.