Solana Price Prediction: SOL Registers Marginal Drop After Surging To $110

Daily Solana SOL Technical Analysis

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Last Updated February 3rd 2022
3 Min Read
  • The Solana price surged by over 10% on Tuesday, as SOL rose to $110. 
  • The current session sees SOL marginally down, with the 20-day SMA coming into play as resistance. 

The Solana price has registered a marginal drop during the ongoing session, as buyers and sellers struggle to establish control. SOL has been quite bullish over the week but had ended the weekend in the red, dropping by nearly 3% and falling to $93.40. SOL recovered on Monday, rising by almost 7% and moving to $99.59. The price continued to push higher on Tuesday, as it rose by over 10% and settled at $110.08. 

Solana Price Chart Indicates Buyers And Sellers Struggling For Control Of Current Session 

The Solana price started the previous weekend with a drop of nearly 16% on Saturday, with SOL dropping to $94.60. SOL registered a strong recovery on Sunday, rising by 5.53% and ending the weekend at $99.85. Monday saw SOL back in the red, as the price dropped by nearly 8%, falling to $92.10, before recovering on Tuesday, rising by 2.88% and moving to $94.75. SOL fell back on Wednesday and Thursday, dropping by 2.71% and 2.70%, respectively, before recovering on Friday and rising by nearly 2%, moving to $91.46.

Image: SOL/USD daily

Image: SOL/USD daily chart 020322

The Solana price remained bullish on Saturday, as SOL pushed up by over 5% and moved to $96.17. On Sunday, the price fell back, dropping by nearly 3% and ending the weekend at $93.40. The current week started on a positive note for SOL, as the price rose by nearly 7% on Monday and then surged by over 10% on Tuesday, rising to $110.08. The current session sees SOL marginally up as buyers and sellers look to establish control.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 020322

Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 20-bar SMA on the 25th, rising to $96.32. SOL continued to push up from this level and rose to $98.93 on the 26th, before dropping back below the 20-bar SMA and falling to $86.88. SOL registered a marginal recovery from this level, rising to $92.40, but could not push past the 20-bar SMA and fell back, dropping to $88.65 on the 28th. SOL recovered after dropping to this level, pushing above the 20 and 50-bar SMA and moving to $96.72 on the 30th, before dropping back below the 20 and 50-bar SMAs and dropping to $90.29. SOL surged from this level, moving back past the 20 and 50-bar SMAs, rising to $107.04, and then moving to its current level of $110.

We can see that the MACD and Parabolic SAR are both currently bullish, indicating that we could see the price push higher.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has made an extremely bullish start to the week, with the price surging on Tuesday. The current session sees buyers and sellers vying for control. If buyers are able to retain the session, we could see SOL push towards $115, but if sellers push the price down, SOL could drop to $105 or below.