Solana Technical Analysis: SOL Looks To Push Back Above $200 

Daily Solana Price Analysis

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Last Updated November 29th 2021
4 Min Read
  • The Solana price failed to register a meaningful recovery over the weekend, with SOL currently still in the red. 
  • SOL had registered a sharp drop on Friday, as it slipped below the 50-day SMA and settled at $192.73. 

The Solana price continues to be in the red during the current session, although the price could recover if the $190 level acts as support. SOL had registered an increase of almost 2% on Thursday, as it rose to $209.89. However, Friday saw a significant drop, as SOL fell below the 50-day SMA and $200, dropping to $192.73. SOL could only manage a marginal recovery on Saturday before it fell back in the red on Sunday, with the price currently down by 0.90%. 

Solana Price Chart Indicates Buyers And Sellers Struggling For Control Of Current Session 

The Solana price was quite positive over the previous weekend, pushing up by 1.11% on Saturday. Sunday saw the price continue to push up, as it rose by almost 6% and moved up to $230.57. The 20-day SMA was acting as resistance at this level, and the price fell back on Monday, dropping by over 6% and settling at $215.83. SOL recovered on Tuesday, as it rose by 2.81% and moved to $221.89. However, the price fell back in the red on Wednesday, dropping by over 7% and settling at $205.88.

Image: SOL/USD daily

SOL/USD daily chart 112921

After dropping by over 7% on Wednesday, the Solana price recovered on Thursday, albeit a small recovery, rising by almost 2%, and moved to $209.89. However, sellers took over the market on Friday, driving the price down significantly. On Friday, SOL dropped by over 8%, slipping below the 50-day SMA and the $200 level, dropping to $192.73. SOL could only post a marginal recovery on Saturday before falling back on Sunday.  The current session sees buyers and sellers vying for control of the market, and while the Parabolic SAR is currently bearish, if the price recovers, we could see it flip to bullish.

Image: SOL/USD 4-hour

SOL/USD 4-hour chart 112921

Looking at the 4-hour Solana price chart, we can see that SOL had slipped below the 50-bar SMA on the 22nd when the price dropped to $216.30. However, the price pushed up from this level, thanks to the 200-bar SMA acting as support, rising to $222.62 before falling back to $212.18, slipping below all three SMAs. SOL recovered from this level as it pushed up above all three SMAs, moving to $224.48. After reaching this level, the price turned bearish, as it registered a significant drop, slipping below all three SMAs and settling at $202.04. SOL recovered from this level, as it pushed up to $214.63, pushing above the 50-bar SMA. However, it could not go past the 20-bar SMA and slipped below $200, dropping to $185.32. SOL recovered to $196.68 before dropping to its current level of $190.

The MACD is currently bearish, but if the price continues to push up, we could see it flip to bullish.

Solana Is Greener Than Google – Energy Report

Solana’s recent Energy Use Report for November 2021 has demonstrated a new trend taking shape that pushes towards a greener crypto sphere. According to the report, the Solana Foundation determined that a single Solana transaction takes 0.00051 kWh or 1,836 Joules of energy. 

The report presented a myriad of activities that consume more energy. For instance, a single Google search reportedly consumes around 1,080 Joules. Meaning, two Google searches would consume more energy than one transaction on the Solana network.

Transactions on Solana also require 24 times less energy than charging a mobile phone. It is also less energy exhausting than keeping an LED light bulb on for one hour, which consumes around 36,000 Joules. The network also consumes less energy than working for an hour with a computer, which takes about 46,800 Joules.

Interestingly, the entire Solana network only uses around 3,186,000 kWh per year. This is equivalent to the average electricity usage of 986 households in the USA. For the cryptocurrency sector, the Solana Foundation appears to be keen on working towards carbon neutrality.

As such, the organization has vowed to reduce the SOL ecosystem’s environmental effects even further. Its plans for the remainder of 2021 include the introduction of a program to assist in making Solana’s validator network carbon neutral and offset the footprint of the ecosystem.

In addition, the foundation also revealed it would release reports on the project’s energy stats periodically. In a nutshell, Solana appears as the faster and less energy-hungry alternative to Ethereum, which has been riddled with high gas fees and an electricity bill that burns a big hole in the pocket. The race is now towards merging efficiency and eco-friendly tech.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows us that SOL had dropped significantly over the weekend, with SOL currently down by just over 1%. If the price continues to drop, we could see SOL drop to $185, but if the price recovers, then it could push towards $200.