- The Solana price is up by over 2% during the ongoing session, as buyers look to push the price higher.
- In recent sessions, SOL had been fairly bearish, starting the week in the red and dropping by over 3% on Monday.
The Solana price managed to reverse its recent bearish trend during the ongoing session, as buyers managed to keep SOL above $80. SOL had registered a sharp drop on Friday, slipping below the 20-day SMA and falling to $88.38. The price managed to recover on Saturday, rising by 1.40% before dropping back on Sunday, falling by nearly 6% and ending the week at $84.57. Monday saw the bearish sentiment continue, falling to $81.70 before recovering during the ongoing session.
Solana Price Chart Indicates SOL Could Push To $85
The Solana price went into the previous weekend on a positive note, registering an increase of nearly 4% on Friday. The price fell back over the weekend, falling by 2.72% on Saturday and then by over 5% on Sunday, ending the weekend at $85.64. SOL made a strong recovery on Monday as the price surged by over 16%, pushing above the 20-day SMA and rising to $99.75. However, SOL could not push beyond this level and fell back, dropping by 1.11% on Tuesday before recovering on Wednesday, rising by 2.15% and settling at $100.76.
SOL/USD daily chart. Source: TradingView
After pushing to $100 on Wednesday, the Solana price fell back, dropping by just over 5% on Thursday and then falling by nearly 8% on Friday, slipping below the 20-day SMA and settling at $88.38. Despite the bearish sentiment, SOL recovered on Saturday, rising by 1.40% before falling back on Sunday, ending the weekend at $84.57 after a drop of nearly 6%. The price continued to drop on Monday, falling by 3.39% to $81.70 before recovering during the ongoing session.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop. However, if SOL manages to push higher, we could see the MACD flip to bullish.
SOL/USD 4-hour chart. Source: TradingView
Looking at the 4-hour Solana price chart, we see that SOL had pushed up to $104.62 on the 2nd. After reaching this level, the price fell back, dropping below the 200-bar SMA and falling to $98.39. SOL continued to drop from this level, falling below the 20-bar SMA and settling at $95.96 and then dropping below the 50-bar SMA, settling at $91.54 on the 4th. SOL made a marginal recovery from this level but could not move past the 50-bar SMA and fell to $87.76. The price pushed up to $90.19 from this level but dropped to $81.84 on the 7th. SOL then rose to $85.07 before dropping to $80.35 and then recovering and moving to its current level of $83.
We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.
Solana Price Is Expected To Reach These Levels
The Solana price chart shows that SOL has been extremely bearish during recent sessions, although the price has recovered during the ongoing session. If the current sentiment persists, we could see SOL push to $85. However, if sellers can drive the price down, SOL could drop to $80.