Solana Price Prediction: SOL Slips Back Below $100 After Significant Drop

Daily Solana SOL Technical Analysis

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Last Updated February 14th 2022
3 Min Read
  • The Solana price slipped below $100 on Friday, dropping to $97. 
  • The current session sees SOL marginally up, as buyers and sellers look to take control of the session. 

The Solana price is marginally up during the ongoing session, as buyers and sellers look to establish themselves. SOL had registered a significant drop on Thursday, falling by over 6% and falling to $106.58. The price continued to drop on Friday, slipping below the 20-day SMA and falling to $97.59, and then registering another marginal drop on Saturday, starting the weekend on a bearish note. 

Solana Price Chart Indicates Buyers And Sellers Struggling To Establish Control 

The Solana price started the previous weekend on an extremely bullish note, rising by over 10% on Saturday, pushing above the 20-day SMA and rising to $112.65. SOL continued to move higher over the weekend, rising by 1.05% on Saturday and 1.35% on Sunday to end the weekend at $115.37. SOL remained bullish on Monday, as the price rose to $117.63 before dropping back on Tuesday and falling top $113.56 after falling by over 3%.

Image: SOL/USD daily

Image: SOL/USD daily chart 021422

The Solana price registered a marginal increase on Wednesday before dropping back in the red on Thursday, falling by over 6% and settling at $106.58. SOL continued to drop on Friday, slipping below the 20-day SMA and the $100 level, dropping to $97.59. The weekend saw SOL remain bearish as the price fell by 0.48% on Saturday and then registered a marginal drop during the ongoing session.

We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 021422

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $121.44 on the 7th. At this level, the 200-bar SMA was acting as resistance, and SOL fell back, slipping below the 20-bar SMA and falling to $110.93 on the 8th. With the 50-bar SMA now acting as support, SOL was able to stay at this level for the next few sessions before rising to $115.12. However, SOL could not push past the 20-bar SMA and fell back, dropping below the 50-bar SMA and falling to $105.21 on the 11th. SOL continued to drop from this level, falling to $94.96, before recovering and moving to its current level of $96.

We can see that the MACD and Parabolic SAR are both bearish, indicating that we could see the price drop further.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has been extremely bearish in recent sessions. If the current sentiment persists,  we could see SOL drop to $95. However, if the price can recover, we could see SOL push back towards $100.