- The Solana price registered a marginal drop during the ongoing session, dropping to $188.
- SOL was quite bullish on Thursday and had risen by nearly 7% to settle at $190.18.
The Solana price has registered a marginal drop during the current session, as SOL dropped to $188. SOL has started the current week on a bearish note, falling by over 3% and settling at $174. SOL pushed up on Tuesday as the price recovered to settle at $179.74 before dropping marginally on Wednesday. Thursday saw SOL surge, pushing above the 20-day SMA and settling at $190.18, before falling back during the current session.
Solana Price Chart Indicates SOL Could Drop To $185
The Solana price started the previous week on a bearish note, dropping by over 10% and settling at $155.22. However, SOL was back in the green on Tuesday, rising to $161.42, before rising by over 10% on Wednesday, saw SOL settle at $178.59. Despite the bullish sentiment, SOL was back in the red on Thursday, dropping by 0.93% and then falling by 0.75% on Friday to settle at $175.59. The weekend saw SOL recover on Saturday, rising by over 4% and settling at $182.94, before falling back in the red on Sunday and settling at $179.93.
Image: SOL/USD daily
The Solana price started the current week on a bearish note as well, falling by over 3% on Monday and settling at $174. The price recovered on Tuesday, rising by over 3% and settling at $179.74 before falling back in the red on Wednesday. On Thursday, the price pushed up significantly, rising above the 20-day SMA and settling at $190.18 before falling back during the current session.
However, we can see that the Parabolic SAR is currently bullish, indicating that we could see the price recover.
Image: SOL/USD 4-hour
Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $187.26 on the 19th. The price fell back from this level, slipping below the 20-bar SMA and then the 50-bar SMA and dropping to $169.69. SOL recovered from this level, moving above the 50-bar SMA and moving to $179.79. SOL could not push past this level, thanks to the 20-bar SMA acting as resistance. SOL moved past the SMA on the 22nd, rising to $186.50, before dropping to $179.12. With the 20 and 50-bar SMAs acting as support at this level, the price pushed up to $191.26 before dropping to its current level of $188.
Solana Price To ‘Rage Pump’?
The cryptocurrency analyst who predicted 2018’s bear market bottom recently estimated that the price of Solana (SOL) could soon see a “rage pump” after bottoming below the $150 mark.
The analyst, Smart Contracter, noted on Twitter that Solana has bottomed with a “nice clean 3 wave move down from the highs on daily." They told their followers they believe SOL would hit a new all-time high.
Source: Twitter
Smart Contracter’s price prediction uses Elliott Wave theory, which according to Investopedia, was developed by Ralph Nelson Elliott in the 1920s after he observed and identified recurring, fractal wave patterns.
These fractal wave patterns are based on the psychology of the masses.
The Elliott Wave theory is usually interpreted based on five waves moving towards the main market trend, which can be bullish or bearish. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction. Smart Contracrer’s analysis of SOL using it suggests the price of the cryptocurrency has completed a wave-two corrective phase and is now ready for a third wave rally.
Based on the analysis, they predicted the “rage pump” is near. Notably, Zhu Su, CEO of crypto investment firm Three Arrows Capital, has revealed the firm has been accumulating “a massive amount of SOL.”
Solana Price Is Expected To Reach These Levels
We can see that the Solana price has dropped during the ongoing session. As a result, we could see SOL drop to $185 if the current sentiment persists.