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

Daily Solana price Analysis

By
Last Updated December 7th 2021
3 Min Read
  • The Solana price is looking to push back after finding support around $180 
  • SOL has been extremely bearish over the past few days as a result of the marketwide crash, with its price dropping below $200 

The Solana price had pushed up to $233.78 on Thursday but turned bearish after reaching this level, with SOL falling drastically. SOL dropped by over 9% on Friday, dropping to $212 and slipping below the 20-day SMA. The price continued to drop over the weekend, as SOL dropped to $201.10 on Saturday, falling by over 5%. Sunday saw SOL drop by over 2%, and it slipped below $200 and settled at $196.71. The current session sees SOL at $189, as it looks to push back towards $200. 

Solana Price Chart Indicates SOL Could Push To $200 

The Solana price started the previous weekend by registering a marginal increase on Saturday. However, Sunday saw the price push up by over 4%, as it rose to $200.92. The bullish sentiment persisted on Monday, with SOL posting a marginal increase of 1.71%. SOL pushed above the 50-day SMA on Tuesday, rising by 2.21% and settling at $208.87. Wednesday saw a significant increase, as SOL rose by over 10%, pushing above the 20-day SMA and settled at $229.85.

Image: SOL/USD daily chart 120721

Image: SOL/USD daily

The Solana price continued to push up on Thursday, rising to $233.78, but fell back after reaching this level. Friday saw SOL register a drop of over 9%, as it slipped below the 20-day SMA and settled at $212. The bearish sentiment continued over the weekend as SOL slipped below the 50-day SMA, dropping to $201.10. SOL slipped below $200 on Sunday, dropping to $196.71. The current session sees SOL at $189, as buyers look to push the price back towards $200.

We can see that the Parabolic SAR is still bearish, indicating that we could see the price drop further. However, if SOL manages to recover, we could see it flip to bullish.

Image: SOL/USD 4-hour  chart 120721

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had pushed above the 20-bar SMA on the 29th, rising to $200.92. The price continued to push higher and moved past the 50-bar SMA on the 30th when it rose to $214.85. SOL then pushed above the 200-bar SMA on the 1st, as the price rose to $229.56. With the 200-bar SMA now acting as support, SOL could stay at this level for the subsequent few sessions before registering a sharp fall, slipping below all three SMAs and settling at $188.50. The price pushed back up from this level, as it rose to $207.41, but could not push past the 50-bar SMA and dropped back to its current level of $189.

We can see that the Parabolic SAR has flipped to bullish. If the price recovers from this level, we could see the MACD flip to bullish.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows us that SOL has been extremely bearish over the weekend. However, with support at $180, we could see SOL recover and push towards $200.