Solana Technical Analysis: SOL Registers Sharp Drop, Could Fall To $140

Daily SOL Price Analysis

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Last Updated January 18th 2022
3 Min Read
  • The Solana price failed to push to $150, as it registered a sharp drop during the current session. 
  • SOL had been fairly positive in recent sessions and had registered an increase of over 8% on Wednesday. 

The Solana price is currently down by almost 4%, as sellers drove the price down significantly during the ongoing session, with SOL currently down to $142. SOL had registered a sharp drop on Thursday as well when the price dropped by 3.60% to $146.14. The price made a marginal recovery on Friday and then rose by 0.98% on Saturday, moving to $147.67. The price continued to remain in the green on Sunday, as it rose to $148.08 before dropping significantly during the ongoing session. 

Solana Price Chart Indicates SOL Could Drop To $140 

The Solana price had started the previous weekend on a fairly positive note, rising by over 4%, pushing above $140, and settling at $142.16 on Saturday. However, the price fell back in the red on Sunday, dropping by 0.92% and ending the weekend at $140.85. Monday saw SOL continue to drop, as the price fell to $136.01, where the 200-day SMA acted as support. The price pushed back from this level, rising over 3% and moving to $140.24, before surging on Wednesday, rising over 8% to $151.60.

Image: SOL/USD daily

Image: SOL/USD daily chart 011822

After rising over 8% on Wednesday, the Solana price fell back on Thursday, dropping almost 4% and settling at $146.14. However, Friday saw SOL register a marginal recovery, entering the weekend on a positive note. Saturday saw SOL push up by 0.98%, rising to $147.67, with the price then pushing up by 0.28% on Sunday and ending the weekend at $148.08. The price fell back during the current session, as SOL started the week on a bearish note, with the price down by almost 4%.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.

Image: SOL/USD 4-hour

Image: SOL/USD 4-hour chart 011822

The 4-hour Solana price chart shows us that SOL had pushed above the 50-bar SMA on the 12th, rising to $152.90. The price registered a marginal drop from this level before rising to $154.85. However, the price turned bearish and dropped to $146.12, and then slipped below the 20-bar SMA and dropped to $143.50 on the 14th. With the 50-bar SMA acting as support at this level, the price pushed back up from this level, rising to $148.50 after pushing back above the 20-bar SMA. The price fell from this level, dropping below the SMA and falling to $145.55. SOL recovered from this level, rising to $148.02, but could only get past the 20-bar SMA on the 16th when it rose to $149.80. With the 20-bar SMA acting as support at this level, SOL could stay at this level for the next few sessions before it dropped below the 20 and 50-bar SMAs on the 17th and then moved to its current level of $142.

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

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows that SOL has registered a sharp drop during the ongoing session. If sellers retain control of the market, we could see SOL drop to $140.