- The Solana price registered a significant drop during the ongoing session, as sellers drove the price down.
- SOL had registered a sharp increase of over 5% on Saturday, rising to $179.
The Solana price has dropped during the ongoing session, with SOL unable to move beyond $180 during the ongoing session. SOL had dropped to $170.75 on Wednesday before recovering on Thursday and rising to $172.51. The price fell back on Friday, dropping by 1.47%, before making a solid recovery on Saturday. Saturday saw SOL rise by over 5%, moving to $179.21, where the 20-day SMA acted as support and drove the price down.
Solana Price Chart Shows Buyers In Control Of Current Session
The Solana Price started the previous weekend fairly positively, with SOL registering a marginal increase on Friday. The price continued to push up over the weekend, rising by 1.36% on Saturday and then by 2.49% on Sunday, ending the weekend on a positive note at $197.88. However, Monday saw SOL back in the red, as the price dropped by 1.12%, falling to $195.66. The price continued to drop on Tuesday, falling by over 9%, slipping below the 20-day SMA, and settling at $177.23.
Image: SOL/USD daily
The Solana price continued to drop on Wednesday, falling by 3.66% and settling at $170.75. The price recovered on Thursday, rising to $172.51, but fell back in the red on Friday, dropping by 1.47% and settling at $169.97. The weekend saw SOL post a strong recovery, as the price rose by over 5%, rising to $179.21, where the 20-day SMA was acting as resistance. As s result, the price fell back during the current session, with SOL down by almost 2%.
We can see that the Parabolic SAR is bullish, but if the price continues to drop, we could see it flip to bearish.
Image: SOL/USD 4-hour
.jpg)
Looking at the 4-hour Solana price chart, we can see that SOL had dropped below the 20-bar SMA on the 28th, falling to $290.35. SOL continued to drop from this level as the price slipped below the 200 and 50-bar SMAs, dropping to $170.19 on the 30th. SOL recovered from this level, as the price rose to $174.74 but fell back down to $171.60. The price pushed up significantly from this level, rising to $175.62. However, SOL was not able to push past the 20-bar SMA and fell back to $167.81. SOL surged past the 20-bar SMA from this level, rising to $179.21m before dropping to its current level of $175.
The MACD and Parabolic SAR are bullish, but if SOL continues to drop, we could see them flip to bearish.
Solana’s Phantom Wallet Has >1.8M MAUs In 9 Months
In 2021, Solana became a very attractive cryptocurrency as its value soared by more than 5,077% in a mere eight months. Phantom was undergoing beta testing in April 2021. The project saw a 4,400% increase from 40,000 users in July to 1.8 million users in December. The team tweeted:
“In just 9 months we have grown to over 1.8M monthly active users with no sign of slowing down!”
Solana runs through the Proof of Stake consensus. Hence, its users secure the network by staking their SOL tokens. However, unlike most blockchains, the staking is done by validators, carefully vetted Solana users tasked with processing new blocks in the blockchain.
The staking feature was already a hit among Solana users. The Phantom platform had over $1M in SOL staked. The Phantom team wrote:
"This year, our users have staked over $16B worth of SOL, swapped over $1.3B of tokens, and made over 55M transactions on their favorite dapps!"
Notably, NFTs contributed to Phantom’s success as well. It allows wallet holders to trade and hold Solana-based NFTs through NFT marketplaces like Solanart. It has 541,851 total sales with a total SOL volume of 4,542,038, about $798 million.
Despite enormous growth, the desktop browser-based crypto wallet has no plans to slow down. In addition to expanding to over 10 million users, the company is finishing up its mobile applications for iOS and Android. Overall, Solana has built a large and fast-growing community of users.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we see that SOL has dropped during the ongoing session. If the current sentiment persists, SOL could drop to $170. However, if buyers are able to retake control, we could see SOL move back towards $180.