- The Solana price is up by over 6% during the current session, as buyers pushed SOL above the $100 level.
- SOL could face resistance thanks to the 50-day SMA, and we could see the price drop marginally.
The Solana price surged past the $100 level as buyers took control of the current session and drove the price significantly higher. SOL had ended the weekend on a bearish note, dropping over 5% on Sunday to settle at $85.64. However, the current week started on a significantly bullish note, as the price surged by over 16%, pushing above the 20-day SMA and moving to $99.76. SOL was unable to push past the $100 level on Tuesday, registering a drop of $1.11% before making a strong recovery during the current session and pushing to its current level of $105.
Solana Price Chart Indicates 50-Day SMA Could Act As Resistance
The Solana price started the previous week on a significantly bearish note, as it registered a drop of over 8% on Monday, falling to $83.04. On Tuesday, the price recovered, rising over 4% and moving to $86.46 before dropping back on Wednesday, dropping by 2.17% and settling at $84.58. SOL was back in the green on Thursday, rising by nearly 6%, moving to $89.40, and then moving above the $90 level on Friday, pushing up by 3.80% and settling at $92.80.
SOL/USD daily chart. Source: TradingView
After pushing to $92.80 on Friday, the Solana price fell back in the red over the weekend, falling by 1.11% on Saturday and then registering a drop of over 5% on Sunday, ending the weekend at $85.64. SOL started the current week on a bullish note, surging by over 16% on Monday, pushing above the 20-day SMA and settling at $99.76. With a marginal drop of $1.11% on Tuesday, SOL could not push past $100, instead dropping to $98.65 before surging past the $100 level during the ongoing session.
We can see that the MACD is currently bullish, indicating that we could see some positive movement regarding the SOL price.
More On Solana: Is Solana Crypto A Buy For 2022?
SOL/USD 4-hour chart. Source: TradingView
The 4-hour Solana price chart shows us that SOL had pushed up to $90.94 on the 24th. At this level, the 50-bar SMA acted as resistance, and SOL could not move past this point until the 25th when the price rose to $91.18 and then moved to $92.89. SOL fell back after reaching this level, dropping below the 20 and 50-bar SMAs on the 27th and falling to $87.09 on the 27th. SOL recovered from this level, pushing back above the 20 and 50-bar SMAs to $91.23 before dropping back below the two SMAs and dropping to $84.88 on the 27th. SOL made a strong recovery from this level, surging past the 20 and 50-bar SMAs and moving to $95.70 and then pushing above the 200-bar SMA and moving to $99.76. The price fell back below the 200-bar SMA after reaching this level, dropping to $97.34. With the 200-bar SMA now acting as resistance, SOL could not push back above it until the 2nd, when the price surged to its current level of $104.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we can see that SOL has pushed up significantly during the ongoing session and has been quite bullish overall during the current week. If the bullish sentiment persists, we could see SOL move above $105. However, if sellers manage to push the price down, SOL could drop towards $100.