Solana Technical Analysis: Can SOL Stay Above $180

Daily Solana Price Analysis

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Last Updated December 23rd 2021
2 Min Read
  • The Solana price has pushed above $180 during the current session, with SOL up marginally. 
  • SOL was quite bullish on Tuesday and had risen by over 3% to settle at $179.81. 

The Solana price moved to $180 during the current session, as buyers look to push SOL above the 20-day SMA. SOL was quite bearish over the weekend and had dropped by 1.61% on Sunday to end the weekend on a fairly bearish note. On Monday, the price continued to drop as SOL fell by 3.41% and settled at $173.94. SOL made a strong recovery on Tuesday, rising to $179.81 before pushing above $180 during the ongoing session. 

Solana Price Chart Indicates SOL Looking To Push Above 20-Day SMA. 

The Solana price was quite bearish at the start of the previous week, as SOL dropped by over 10% on Monday and fell to $155.22. SOL recovered on Tuesday, rising by over 4% and settling at $161.46, before rising by over 10% on Wednesday, and settling at $178.60. After reaching this level, SOL fell back in the red on Thursday, falling by 0.93% and then by 0.62% on Friday to settle at $175.85.

Image: SOL/USD daily

Image: SOL/USD daily chart 122321

The Solana price made a strong recovery on Saturday, as SOL rose by over 4% and settled at $183.03. However, Sunday saw the price back in the red, with SOL dropping by 1.61% and settling at $180.08. SOL dropped further on Monday, falling to $173.94, before pushing back up on Tuesday and settling at $179.91, an increase of over 3%.

The current session sees SOL at $180, and with the MACD currently bullish, we could see the price push higher.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 122321

The 4-hour Solana price chart shows that SOL dropped to $174.30 on the 18th. The pride pushed up from this level, pushing above the 20-bar SMA and settling at $187.26. SOL could not sustain itself at this level and fell back significantly, slipping back below the 20 and 50-bar SMAs, dropping to $170.07. SOL made a strong recovery from this level, pushing back above the 50-bar SMA and rising to $176.12. SOL continued to push from this level and rose to $179.72 on the 21st. The price fell marginally from this level before surging past the 20-bar SMA and moving to $186.50 before dropping to its current level of $181.

We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could push higher.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that buyers are looking to push SOL above the 20-day SMA. If buyers are successful, we could see SOL move to around $182-$183.