Solana Technical Analysis: SOL Recovers, Looks To Push Back Above $100

Daily Solana SOL Price Analysis

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Last Updated January 31st 2022
3 Min Read
  • The Solana price is currently up by just over 1%, as it looks to move back above the crucial $100 level. 
  • SOL had been quite bearish over the previous week but has managed to reverse the bearish sentiment over the past couple of sessions. 

The Solana price continued its upward trajectory as buyers looked to push SOL back above the $100 level. SOL had registered a drop of nearly 3% on Wednesday and then fell a further 2.70% on Thursday to settle at $89.69. However, Friday saw SOL register a fairly strong recovery, rising by almost 2% and moving to $91.46. The price continued to push higher on Saturday, registering an increase of over 5% and moving to $96.17. 

Solana Price Chart Indicates SOL Could Push To $100 

The Solana price was firmly in the red over the previous weekend, starting with a huge drop of nearly 12% on Friday. SOL continued to drop on Saturday, this time registering an even more significant drop of almost 16% and dropping to $94.62. The price made a fairly strong recovery on Sunday, rising by 5.53% and ending the weekend at $99.85. However, SOL was back in the red on Monday, dropping by nearly 8% and settling at $92.10, before recovering on Tuesday, rising by nearly 3% and moving to $94.75.

Image: SOL/USD daily

Image: SOL/USD daily chart 013122

After rising by nearly 3% on Tuesday, the Solana price fell back on Wednesday, dropping by 2.71% and settling at $92.18. SOL continued to drop from this level and fell by 2,70% on Thursday, dropping to $89.69. Despite the bearish sentiment, SOL registered a fairly significant recovery on Friday, rising by 1.97% and moving to $91.46. The weekend saw SOL continue to recover, as the price rose by over 5% on Saturday and moved to $96.17. The current session sees SOL marginally up, as buyers look to push the price towards $100.

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

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 013122

Looking at the 4-hour Solana price chart, we can see that SOL had registered a sharp drop on the 24th, falling to $83.93. The price made a strong recovery from this level, rising to $92.08 and then pushing above the 20-bar SMA and rising to $96.32. SOL continued to push up from this point and moved to $98.93 on the 26th before dropping back from this level, slipping back below the 20-bar SMA and settling at $86.88. SOL was able to register a marginal recovery from this level, moving to $92.40, but could not push past the 20-bar SMA and dropped to $88.65 on the 28th. SOL made a strong recovery from this price level, pushing above the 20-bar SMA and rising to $97.28, before pushing above the 50-bar SMA and then dropping marginally to its current level of $96.

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

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has made a fairly significant recovery over the past few sessions. The current session sees SOL up marginally as buyers look to push the price towards $100. However, if sellers manage to retake the session, SOL could slip back below $95.