Solana Technical Analysis: SOL Back Above $220 After Strong Recovery

Daily Solana Price Analysis

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Last Updated November 24th 2021
3 Min Read
  • The Solana price pushed back over $220, with the current session seeing the price up by over 3%. 
  • SOL was quite bullish over the weekend but dropped on Monday, falling by over 6%. 

The Solana price made a strong recovery on Tuesday, as the price pushed up by over 3% and moved back above $220. SOL was quite bullish over the weekend after rising by over 10% on Friday. Saturday saw SOL push up further by 1.11% and then push to $230.57 on Sunday after registering an increase of almost 6%. With the 20-day SMA coming into play as resistance, the price dropped back on Monday, falling by over 6% and slipping below $220. 

Solana Price Chart Indicates SOL Could Push To $230 

The Solana price started the previous weekend on a bullish note, as the price pushed up by almost 6% on Saturday before dropping by 1.28% on Sunday to end the weekend in the red. SOL remained in the red on Monday as it registered a marginal drop before falling by almost 8% on Tuesday and settling at $219.28. Wednesday saw yet another marginal drop before the price registered another significant drop on Thursday, falling by almost 11% and settling just above the 50-day SMA at $195.20.

Image: SOL/USD daily chart 112421

Image: SOL/USD daily

After dropping to $195.20 on Thursday, the Solana price posted a strong recovery on Friday, rising by over 10% and settling at $215.46. Saturday saw SOL continue to push up, as it increased by 1.11%, before rising by almost 6% on Sunday to end the weekend on a bullish note at $230.57. However, Monday saw the price fall back, thanks to the 20-day SMA acting as resistance as SOL registered a drop of over 6%. However, the price was back in the green on Tuesday and is currently at $222.

We can see that the Parabolic SAR has flipped to bullish, indicating that we could see the price increase.

Image: SOL/USD 4-hour chart 112421

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we see that SOL dropped to $212.58 on the 17th. SOL fell further from this level, as sellers pushed the price below the 200-bar SMA to $192.09. SOL made a strong recovery from this level, as it pushed up to $217.66, pushing above the 20 and 200-bar SMAs. However, the price could not stay at this level and fell back to $207.41, slipping below the 20 and 200-bar SMAs. From this price level, SOL pushed up to $230.68, as it pushed past all three SMAs. However, the price turned bearish from this level, dropping to $216.30 and then to $212.18, slipping below all three SMAs again. Currently, we can see that SOL is back up to $222, having pushed back above the three SMAs.

We can also see that the MACD has just flipped to bullish, indicating that we could see the price push higher during the current session.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has made a reasonably strong recovery during the current session. If the current sentiment persists, we could see SOL push towards $230.