Solana Price Prediction: SOL Pushes Back Above $90

Daily Solana SOL Technical Analysis

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Last Updated March 1st 2022
3 Min Read
  • The Solana price is back above the $90 level during the ongoing session, with SOL currently up by nearly 6%. 
  • SOL had ended the weekend on a bearish note, dropping by over 5% on Sunday, falling to $85.63. 

The Solana price has started the week on a positive note, as buyers managed to push SOL above the $90 level. SOL had registered a significant increase on Thursday, rising by nearly 6% and moving to $89.41. The bullish sentiment persisted on Friday, with the price rising by nearly 4% and settling at $92.80. SOL fell back in the red over the weekend, falling by nearly 3% on Saturday and then by over 5% on Sunday, ending the weekend at $85.63 before recovering during the ongoing session. 

Solana Price Chart Indicates SOL Could Push To 20-Day SMA 

The Solana price started the previous weekend on a slightly positive note, registering an increase of 1.51% on Saturday. On Sunday, the price fell back as SOL dropped by 0.70% and ended the weekend at $90.69. SOL continued to drop on Monday, dropping over 8% and falling to $83.04, before making a strong recovery on Tuesday, rising by over 4% and moving to $86.47. However, SOL fell back on Wednesday, as the price dropped by 2.19%, falling to $84.58. 

Image: SOL/USD daily

Image: SOL/USD daily chart 030122

The Solana price made a fairly strong recovery on Thursday, rising by nearly 6% and moving to $89.41. On Friday, the price continued to push higher, rising by 3.79% and moving to $89.41. However, despite the bullish sentiment, SOL fell back over the weekend, dropping by  2.72% on Saturday and over 5% on Sunday to end the weekend on a bearish note at $85.63. The current session sees SOL back above $90, as buyers look to push the price higher.

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

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Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 030122

Looking at the 4-hour Solana price chart, we see that SOL had pushed up to $92.08 on the 23rd. The price fell back from this level, registering a significant drop, falling back below the 20-bar SMA to $77.60. SOL made a strong recovery from this point, surging past the 20-bar SMA and moving to $90.94 on the 24th. At this level, the 50-bar SMA acted as resistance, and SOL fell back to $89.26 before pushing past the SMA and rising to $92.80. SOL fell back from this level, as it dropped below the 20 and 50-bar SMAs on the 27th, falling to $87.09. SOL recovered and pushed back above the two SMAs, rising to $91.23 before dropping back below the 20 and 50-bar SMAs to $84.88. SOL made a strong recovery from this level, pushing back above the SMAs to its current level of $90.

We can see that the MACD and Parabolic SAR are both bearish, but if SOL can push beyond $90, we could see them flip to bullish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has made a strong start to the current week and is presently up by over 5%. If the current bullish sentiment persists, we could see SOL move towards $95; however, if sellers manage to drive the price down. SOL could drop below $90 and move towards $85.

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