Solana Price Prediction: SOL Recovers As 20-Day SMA Acts As Support

Daily Solana Technical Analysis

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Last Updated January 11th 2022
3 Min Read
  • The Solana price has registered a marginal increase during the ongoing session, up nearly 1%. 
  • SOL had been extremely bearish during the previous week and had registered a drop of over 9% on Friday. 

The Solana price recovered during the ongoing session after a bearish start to the week. Currently, SOL is up by nearly 1%, as buyers look to push SOL towards $140. The Solana price had registered a sharp drop on Friday, dropping by over 9% and settling at $136.40. The price recovered over the weekend, rising by 4.24% on Saturday, but fell back in the red on Sunday, registering a marginal drop. Monday saw SOL continue to drop, as it fell to $136.01, before recovering during the ongoing session. 

Solana Price Chart Indicates SOL Could Push To $140 

The Solana price started the previous weekend on an extremely bullish note, rising by over 5% on Saturday. However, with the 20-day SMA acting as resistance, the price fell back on Sunday, dropping to $176.48. SOL continued to drop on Monday, falling by 3.66%, and then fell by 1.35% on Tuesday to settle at $167.73. Wednesday saw SOL register a significant drop, as the price fell by nearly 8%, dropping to $154.52, with the price remaining in the red on Thursday as well, dropping by nearly 3% to $150.32. 

Image: SOL/USD daily

Image: SOL/USD daily chart 011122

After dropping to $150.32, the Solana price continued to drop on Friday as it slipped below the $150 level. SOL fell by over 9% on Friday, dropping to $136.40, where the 200-day SMA came into play as support. As a result, SOL pushed up on Saturday, rising to $142.19, before falling back on Sunday, dropping by 0.94% and settling at $140.86. The current week started with the bearish sentiment prevailing, as the price dropped by 3.44% on Monday, dropping to $136.01, before recovering during the ongoing session.

While the MACD is currently bearish, we could see it flip to bullish if the price continues to recover.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011122

The 4-hour Solana price chart shows that SOL had pushed up to $153.88 before dropping to $138.91 on the 7th. SOL was able to stay at this level for the next few sessions before pushing up to $146.47 on the 8th, where the 20-bar SMA came into play as resistance. The price fell back from this level, dropping to $135.38. SOL recovered from this level, rising to $142.20, but could not move past the 20-bar SMA until the 9th when the price rose to $145.32. The price fell back from this level, dropping to $140.87 and then slipping below the 20-bar SMA, falling to $132.61, before pushing back up and moving to its current level of $137.

We can see that the Parabolic SAR is currently bearish, but if the price recovers, we could see it flip to bullish.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has registered a marginal increase during the current session, thanks to the 200-day SMA acting as support. If the current sentiment persists, we could see the price push to $140.