Solana Technical Analysis: Sellers Look To Push SOL Back To $170

Daily Solana Price Analysis

By
Last Updated December 31st 2021
3 Min Read
  • The Solana price has registered a marginal drop during the ongoing session.
  • SOL has been extremely bearish during the week and had dropped by over 9% on Tuesday. 

The Solana price is marginally down as buyers and sellers look to establish control in the current session. SOL had started the week in the red as the price dropped by 1.13% on Monday. SOL fell sharply on Tuesday, dropping by over 9%, slipping below the 20-day SMA and settling at $177.23. The price continued to drop on Wednesday, falling to $170.75, before recovering on Thursday and rising to $172.51. The current session sees SOL marginally down, with the price still at $172. 

Solana Price Chart Indicates SOL Could Drop To $170 

The Solana price started the previous week in the red, dropping by over 3% on Monday. SOL recovered on Tuesday, rising by 3.43% and settling at $179.90 before a marginal drop on Wednesday brought the price down to $178.41. On Thursday, SOL registered a strong recovery, rising by 6.55%, moving above the 20-day SMA and settling at $490.90, and then remained in the green on Friday, registering a marginal increase.

Image: SOL/USD daily

Image: SOL/USD daily chart 123121

The Solana price continued to push up over the weekend, rising by 1.36% on Saturday and 2.50% on Sunday to settle at $197.90. However, the price fell back on Monday, falling by 1.13% 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. SOL continued to drop on Wednesday, falling by 3.66% and settling at $170.75. The price recovered on Thursday, rising by just over 1%, before dropping back during the current session.

We can see that the MACD has just flipped to bullish, indicating that we could see the price drop.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 123121

Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 200-bar SMA on the 24th, rising to $195.62. SOL was able to stay at this level for the next few sessions, thanks to the 200-bar SMA acting as support. The price pushed up to $201.64 on the 27th as a knock-on effect of the bullish cross between the 20 and 200-bar SMAs. SOL fell drastically after reaching this level, dropping below all three SMAs, dropping to $177.25 on the 29th and $170.19 on the 30th. From this level, SOL pushed up to $174.75 before dropping to its current level of $171.

We can see that the Parabolic SAR is bullish, but if the price continues to drop, we could see it flip to bearish.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has registered a marginal drop during the current session. If the current sentiment persists, we could see SOL drop back to $170.