Solana Technical Analysis: SOL Looks to Push to $190 After Bullish Weekend

Daily Ripple Price Analysis

Last Updated December 20th 2021
4 Min Read
  • The Solana price has registered a significant increase over the weekend, as it pushes $185 during the current session. 
  • SOL was quite bearish on Thursday and Friday and had dropped to $175.69. 

The Solana price was back in the green, as buyers pushed up SOL significantly over the weekend. SOl had dropped to $176.94 on Wednesday, registering a drop of 0.93%. Friday saw the price continue to drop, as SOL fell by 0.71%. However, the weekend saw SOL make a strong recovery, as the price rose by over 4% and settled at $182.93. The ongoing session sees SOL at $185, currently up by over 1%. 

Solana Price Chart Indicates Buyers Looking To Push SOL Towards $190 

The Solana price started the previous weekend on an extremely bearish note, registering a drop of almost 8% on Friday. SOl recovered over the weekend, rising by 2.52% on Saturday and 0.56% on Sunday to end the weekend at $172.99. However, SOL was back in the red on Monday, as the price dropped by over 10%, dropping to $155.22. Despite the bearish start to the week, SOL was back in the green on Tuesday, as the price registered an increase of over 4% and moved to $161.46.

Image: SOL/USD daily

Image: SOL/USD daily chart 122021

After rising by over 4% on Tuesday, the Solana price pushed up further on Wednesday, rising by over 10% and settling at $178.60. Despite the prevailing bullish sentiment, SOL fell back on Thursday, falling by 0.93%, and then fell back by 0.71% on Friday to settle at $175.69. SOL was back in the green over the weekend, as the price rose by over 4% and settled at $182.93, with the price currently at $184.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 122021

Looking at the 4-hour Solana price chart, we can see that SOL had dropped to $153.63 on the 14th. The price pushed up from this level, moving above the 20-bar SMA and settling at $166.33. The price slipped back below the 20-bar SMA from this level before surging to $178.82, pushing above the 20 and 50-bar SMAs. SOl further rose to $187.16 from this level but could not sustain itself at this level and dropped to $174.30, where the 20-bar SMA acted as support. As a result, SOL pushed up to $187.26 before dropping to its current level of $185.

We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price rise further.

Solana To Take Over Web3 Gaming Scene?

The Solana blockchain network has had a good year in 2021. Massive adoption of the blockchain has seen the price of its native token SOL become one of the best performing cryptocurrencies this year. Despite this success, the Web3-focused blockchain is still gunning to gain more use cases that will bring in more adoption. The next the network appears to be aiming to conquer is Web 3 gaming.

Commenting on Twitter, Dylan Macalino, the founder of Ship Capital, stated that for Solana to onboard 1 billion Web 3 users, it needs to focus its energy on improving gaming on the platform.

In response, Solana co-founder Raj Gokal expressed his confidence in the ability of the infrastructure Solana already has on the ground to meet the requirements for the growing gaming use cases of Solana. He noted that the network does not need to optimize its base layer but can focus its energy where it is required. He added that if gaming is an area that needs that attention, then the firm will focus on it.

Gokal’s assertion appears to be the sentiment of Solana Labs, the developers of Solana. The investment arm of the blockchain, Solana Ventures, earlier announced the launch of a $150 million fund in partnership with Forte and Griffin Gaming Partners aimed at investing in Web 3 game builders.

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we see that SOL has pushed up significantly over the weekend. If buyers can continue to retain control of the session, we could see SOL push towards $190.