Solana Technical Analysis: SOL Registers Marginal Recovery, Looks To Push To $95

Daily Solana SOL Price Analysis

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Last Updated January 26th 2022
3 Min Read
  • The Solana price is currently up by over 1%, as buyers look to push the price to $95. 
  • SOL has been extremely bearish in recent sessions and had dropped by nearly 12% on Friday. 

The Solana price has pushed up to $95 during the ongoing session, as buyers return to the market looking to reverse SOL’s bearish trend. SOL had started the weekend on an extremely bearish note, dropping nearly 16% on Friday and falling to $94.62. However, the price was able to recover on Sunday, rising by 5.53% and settling at $99.85. On Monday, the price fell back in the red, dropping to $92.10, before registering a marginal recovery during the ongoing session. 

Solana Price Chart Indicates SOL Could Push To $95 

The Solana price started Saturday (15th) by registering an increase of 1.09% and an increase of 0.25% on Sunday to end the weekend at $148.08. On Monday, SOL fell back in the red, dropping by 5.51% to $139.92, where the 200-day SMA acted as support. As a result, SOL was able to push up on Tuesday, rising by 0.98% to $141.29. SOL slipped below the 200-day SMA on Wednesday, falling by 4.30% and settling at $135.22, and then registering a drop of nearly 6% on Thursday, when the price dropped to $127.64.

Image: SOL/USD daily

Image: SOL/USD daily chart 012622

The Solana price remained in the red on Friday as well, registering a drop of nearly 12% and dropping to $112.37. Saturday saw the bearish sentiment intensify, as the price dropped by nearly 16%, slipped below the $100 level, and settled at $94.62. Despite the bearish sentiment, SOL managed to register a strong recovery on Sunday, rising by 5.53% and settling at $99.85. However, Monday saw SOL back in the red as the price fell by nearly 8% to $92.10 before recovering during the ongoing session.

We can see that the MACD is currently bearish, but if the price manages to push to $95, we could see it flip to bullish.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 012622

Solana’s 4-hour price chart shows us that SOL had dropped to $134.36 on the 19th before recovering and pushing above the 20-bar SMA and settling at $143.28. However, the 50-bar SMA came into play as resistance at this level, and SOL fell back significantly, slipping back below the 20-bar SMA and falling to $124.15. The price continued to drop from this level as SOL slumped to $90.69 on the 22nd. The price rose to $101.92 before falling back and dropping to $83.96 on the 24th. SOL was able to make a strong recovery from this level, as it rose to $92.10 and then moved to its current level of $93.

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

Solana Price Is Expected To Reach These Levels 

Looking at the Solana price chart, we can see that SOL has registered a marginal increase during the ongoing session. If the current pattern persists, we could see SOL push to $95.