Solana Price Prediction: SOL Moves Past $230 As Price Surges

Daily Solana Technical Analysis

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Last Updated December 3rd 2021
3 Min Read
  • The Solana price has been extremely bullish during the week and had pushed up by over 10% on Wednesday. 
  • The current session sees SOL move above $235, as buyers look to push the price to $240 

The Solana price has been quite bullish during the week, having pushed up significantly. SOL had posted an increase of 1.71% on Monday, as the price moved to $204.36. SOL moved above the 50-bar SMA on Tuesday, rising to $208.70, before registering a significant increase on Wednesday, rising by over 10% and settling at $229.97. The current session sees ETH currently up by over 2%, as buyers look to push the price above $240. 

Solana Price Chart Indicates SOL Could Push To $240 

The Solana price fell by over 6% on Monday (22nd) thanks to the 20-day SMA acting as resistance. SOL pushed up on Tuesday, as the price rose by almost 3%, before dropping back on Wednesday, falling by over 7% and settling at $205.88. The 50-day SMA came into play as support at this level, and SOL pushed up by almost 2% on Thursday. However, the price fell back on Friday, dropping by over 8%, slipping below the 50-day SMA and settling at $192.73.

Image: SOL/USD daily chart 120321

Image: SOL/USD daily

After dropping to $192.73, the Solana price recovered over the weekend, pushing up marginally on Saturday, before pushing up by over 4% on Sunday to settle at $200.92. SOL remained bullish on Monday, rising by 1.71$, and then pushing past the 50-day SMA on Tuesday, rising by 2.13% and settling at $208.70. Wednesday saw a significant increase, with SOL moving above the 20-bar SMA and settling at $229.97. The current session sees SOL up by over 2%, as buyers look to push the price to $240.

We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that we could see the price push higher.

Image: SOL/USD 4-hour chart 120321

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we see that SOL dropped to $185.77 on the 26th. SOL pushed up marginally from this level, as it rose to $196.68 but fell back $187.24, thanks to the 20-bar SMA acting as resistance. SOL pushed above the 20-bar SMA on the 29th when it moved up to $200.92. SOL continued to push up, rising to $207.06, but with the 50-bar SMA acting as resistance, the price dropped to $201.95. SOL pushed above the 50-bar SMA on the 1st, when the price rose to $214.85. SOL was able to stay at this level for the next few sessions before pushing above the 200-bar SMA and moving to its current level of $233.

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

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has been extremely bullish during the current week. If the current sentiment persists, we could see SOL push to $240.