Solana Technical Analysis: Buyers Continue To Push SOL Higher

Daily Solana Price Analysis

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Last Updated January 13th 2022
3 Min Read
  • The Solana price is up by nearly 1% during the current session, as buyers look to push the price towards $145. 
  • SOL had registered a fairly significant increase on Tuesday, rising by 3.11% and moving to $140.24. 

The Solana price remained in the green during the current session, as buyers look to push SOL towards $145. SOL had registered a strong increase on Saturday, rising by 4.22% and moving to $142.16. However, the price fell back on Sunday, dropping by 0.92% and ending the weekend at $140.85. SOL continued to drop on Monday, falling by 3.44% and settling at $136.01, where the 200-day SMA acted as support. As a result, the price pushed back up, rising to $140.24 on Tuesday. 

Solana Price Chart Indicates Buyers Controlling Current Session 

The Solana price had started the previous week on a very bearish note, dropping by 3.66% and settling at $170.02. The price continued to drop on Tuesday, falling by 1.36%, and then registered a drop of nearly 8% on Wednesday, dropping to $154.42. The bearish trend persisted on Thursday, as SOL dropped by 2.69% and settled at $150.27. Friday saw another significant drop, as sellers drove SOL down by over 9% to $236.40.

Image: SOL/USD daily

Image: SOL/USD daily chart 011322

Despite the prevailing bearish sentiment, the Solana price recovered on Saturday, rising by 4.22% on Saturday and moving to $142.16. However, the price was back in the red on Sunday, with SOL dropping to $140.85. Monday saw SOL remain in the red, dropping by 3.44% and settling at $136.01, where the 200-day SMA acted as support. SOL made a strong recovery on Tuesday, rising to $140.24 and then pushing to $142 during the current session.

We can see that the MACD is currently bearish, but if the price continues to push higher, we could see it flip to bullish.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011322

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $146.47 on the 8th. However, the 20-bar SMA came into play as resistance, and SOL fell back to $135.38. The price made a strong recovery from this level, rising to $142.19, but could not move past the 20-bar SMA and dropped to $140.12 on the 9th. From this level, SOL surged past the 20-bar SMA, rising to $145.32, but could not stay at this level and fell back below the 20-bar SMA to $140.67. The price pushed back above the SMA from this level, rising to $143.06, and then fell back drastically, slipping back below the 20-bar SMA and settling at $132.64 on the 10th. SOL was able to make a strong recovery from this level, rising to $137.08 and then surging past the 20-bar SMA, rising to $142.54. The price fell back from this level, as it dropped to $139.01 before rising to its current level, which is oscillating between $141 and $142.

We can see that the Parabolic SAR and MACD are both 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 a strong recovery over the past couple of days. If sellers retain control of the session, we could see SOL push towards $145.