Solana Technical Analysis: SOL Looks To Move Past The 50-Day SMA

Daily Solana Price Anlaysis

By
Last Updated December 28th 2021
3 Min Read
  • The Solana price is currently up by over 2%, looking to move past $202. 
  • SOL has been extremely bullish in recent sessions and had risen by nearly 7% on Thursday. 

The Solana price continued to push upwards and is looking to break past the 50-day SMA, acting as resistance. SOL had registered a significant increase on Thursday, going past the 20-day SMA and settling at $190.14. SOL managed to remain in the green on Friday, registering a marginal increase. The weekend saw the bullish sentiment continue, as SOL rose by 1.36% on Saturday and by 2.49% on Sunday to end the weekend at $197.88. The current session sees SOL at $202, with buyers in control of the session. 

Solana Price Chart Indicates 50-Day SMA Acting As Resistance. 

The Solana price started the previous weekend on an extremely bullish note, rising by over 4% on Saturday. However, the price fell back on Sunday, falling by 1.61%. SOL continued to drop on Monday, as the price fell by over 3% to $173.94. On Tuesday, the price was back in the green, rising by 3.43% and settling at $179.90, before falling back on Wednesday and settling at $178.41.

Image: SOL/USD daily

Image: SOL/USD daily chart 122821

After registering a marginal drop on Wednesday, the Solana price pushed up significantly on Thursday, rising by 6.57%, moving past the 20-day SMA and settling at $190.14. The price registered a marginal increase on Friday, rising by 0.18%. The weekend saw SOL continue to push up, rising by 1.36% on Saturday and then rising by 2.49% on Sunday to end the weekend at $197.88. The current session has seen SOL push above $200, currently at $202. We can see that the Parabolic SAR is currently bullish, indicating that the price could push up further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 122821

Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 50-bar SMA on the 20th, rising to $178.98. At this level, the 20-bar SMA was acting as resistance, and SOL could move past this level only on the 22nd when the price rose to $186.55. SOL dropped back to $178.39, where the 20-bar SMA was acting as support. As a result, SOL was able to stay at this level before rising to $191.26. SOL continued to move higher from this level and pushed above the 200-bar SMA on the 24th, rising to $195.62. With the 200-bar SMA acting as support, SOL was able to stay at this level, for the subsequent few sessions, before rising to its current level of $203.

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

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has been quite bullish in recent sessions, with the price rising since last week. If SOL is able to push past the 50-day SMA, then we could see SOL push towards $210.