Solana Technical Analysis: Can SOL Push Above $140?

Daily Solana Price Analysis

Last Updated January 10th 2022
3 Min Read
  • The Solana price is presently in the red during the ongoing session but could recover as buyers look to take control of the session. 
  • SOL has been extremely bearish recently and fell by over 9% on Friday. 

The Solana price is looking to recover from $140, even though SOL is currently in the red. SOL had been bearish all week and had registered a sharp drop on Wednesday, falling by nearly 8%. SOL remained in the red on Thursday, dropping to $150.27. Friday saw SOL slip below $150, as the price slipped to $136.40. However, despite the prevailing bearish sentiment, SOL recovered on Saturday and settled at $142.16 after rising by over 4%. 

Solana Price Chart Indicates SOL Looking To Push Above $140 

The Solana price had started the previous weekend on a fairly bullish note, rising over 5% and settling at $179.21. At this level, the 20-day SMA was acting as resistance, and the price fell back on Sunday, dropping to $176.28. SOL continued to drop on Monday, falling by 3.66% and then by 1.36% on Tuesday, settling at $167.70. Wednesday saw SOL register a significant drop, as the price dropped by nearly 8% and settled at $154.42.

Image: SOL/USD daily

Image: SOL/USD daily chart 011022

After falling to $154.42 on Wednesday, the Solana price continued to drop on Thursday, falling to 2.69% and settling at $150.27. On Friday, SOL remained in the red, dropping drastically by over 9% and settling at $136.40, where the 200-day SMA acted as support. As a result, SOL was able to recover on Saturday, rising by over 4% and settling at $142.16 before dropping back marginally during the current session.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011022

The 4-hour Solana price chart shows that SOL dropped significantly on the 5th, falling by nearly 6%. The price continued to drop from this level, falling to $148.11 on the 6th. SOL managed to register a recovery from this level, rising to $153.88 before dropping back and falling to $135.97 on the 7th. SOL pushed back up from this level, rising to $146.47, where the 20-bar SMA acted as resistance. As a result, SOL fell back significantly, dropping to $135.32 on the 8th, before recovering and rising to its current level of $139.

We can see that the Parabolic SAR is currently bearish, but if SOL can move past the 20-bar SMA, we could see it flip to bullish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL is currently down by nearly 2%. If sellers manage to retain control, SOL could drop to $135, where the 200-day SMA could act as support. But if the price recovers, we could see it move back above $140.