Solana Price Prediction: SOL Registers Sharp Drop, Slips Below $180

Daily Solana Technical Analysis

By
Last Updated December 29th 2021
3 Min Read
  • The Solana price has registered a sharp drop during the current session and is down by over 8%.  
  • SOL had been quite bearish until the weekend and had pushed up to $197.88 on Sunday. 

The Solana price fell back in the red during the current session, as sellers drove the price down significantly, with SOL below $180 at the time of writing. After Thursday's bullish session, SOL had registered a marginal increase on Friday. The price continued to push up on Saturday, rising to $193.98 and then rising by 2.49% on Sunday to end the weekend at $197.88. However, the price fell back on Monday, dropping by 1.12%, before dropping significantly during the current session. 

Solana Price Chart Indicates SOL Could Drop To $175 

The Solana price started the previous weekend on a fairly positive note, rising by over 4% on Saturday and settling at $183.03. The price fell back on Sunday, dropping by 1.61% and ending the weekend on a bearish note. The price continued to drop on Monday, as it fell by over 3% to $173,94. However, TRX was back in the green on Tuesday, rising by 3.43% and settling at $179.90. The 20-day SMA came into play as resistance at this level, and the price fell back on Wednesday, dropping by 0.83%.

Image: SOL/USD daily

Image: SOL/USD daily  chart 122921

After dropping to $178.41 on Wednesday, the Solana price made a strong recovery on Thursday, rising by over 6%, pushing above the 20-day SMA and settling at $190.14. The price continued to push higher on Friday, registering a marginal increase. The weekend saw SOL remain bullish, pushing up to $193.08 on Saturday and then 2.49% on Sunday to end the weekend at $197.88. After reaching this level, SOL fell back in the red on Monday, dropping by 1.12%, before registering a sharp drop during the ongoing session.

The Parabolic SAR is bullish, but if the price continues to drop, we could see it flip to bearish.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 122921

The Solana price chart shows that SOL had pushed up significantly on the 23rd, rising to $191.26. The price fell back from this level, registering a marginal drop, before pushing above the 200-bar SMA and settling at $195.62. The price fell back from this level, dropping to $192.16, and with the 200-bar SMA acting as support, SOL was able to stay at this level before pushing up on the 26th and moving to $201.63 on the 27th. SOL turned bearish after reaching this level, as the price slipped back below all three SMAs and moved to its current level of $179.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has been extremely bearish during the current session. If the current sentiment persists, we could see SOL drop to $175.