Solana Price Prediction: SOL Unable To Push To $120

Daily Solana SOL Technical Analysis

By
Last Updated February 8th 2022
3 Min Read
  • The Solana price continued to push higher during the ongoing session, as buyers look to push SOL to $120. 
  • SOL has been quite bullish over the weekend but has been unable to move past $120, rising to $115 on Sunday. 

The Solana price remained in the green during the ongoing session, although it has not been able to push past the $120 level yet. SOL had registered a significant increase on Friday, rising by nearly 11% and moving to $112.65. The price continued to push higher over the weekend, rising by 1.05% on Saturday and then rising by 1.35% on Sunday to end the weekend at $115.37. The current session sees SOL at $116, as buyers look to push the price towards $120. 

Solana Price Chart Indicates SOL Could Push To $120

The Solana price was quite bullish over the previous weekend, rising by nearly 2% on Friday and then pushing up by over 5% on Saturday, settling at $96.17. However, the price fell back on Sunday, dropping by nearly 3% and ending the weekend at $93.40. SOL made a strong recovery on Monday, rising by nearly 7% and moving to $99.59. Tuesday saw SOL push past $100 as it surged by over 10% and moved to $110.08, where the 20-day SMA acted as resistance. As a result, the price fell back on Wednesday, falling by over 7% and dropping to $101.86.

Image: SOL/USD daily

Image: SOL/USD daily chart 020822

The Solana price continued to drop on Thursday, registering a marginal drop but was able to register a strong recovery on Friday, pushing past the 20-day SMA and rising to $112.65. The weekend saw SOL remain bullish, as the price pushed up by 1.05% on Saturday and then by 1.35% on Sunday to end the weekend at $115.37. The current session sees SOL marginally up, as buyers look to push the price towards $120.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 020822

The 4-hour Solana price chart shows us that SOL had pushed up to $107.04 on the 1st. The price continued to push higher from this level, rising to $110.75 on the 2nd. However, SOL fell back from this level, dropping to $101.86 and then slipping below the 20-bar SMA, falling to $97.49. At this level, the 50-bar SMA was acting as support, and the price pushed back up, rising to $104.97. SOL then moved past the 20-bar SMA on the 4th, rising to $115.68, before dropping to $113.16 on the 6th. SOL registered a marginal increase from this level and then moved to its current level of $115.

We can see that the MACD has flipped to 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 see that SOL has been quite bullish over the weekend. If the current sentiment persists, we could see SOL push to $120.