Solana Technical Analysis: SOL Slips Below $230, 20-Day SMA As Price Drops

Daily Solana Price Analysis

Last Updated November 16th 2021
3 Min Read
  • The Solana price continued to drop as sellers retained control of the current session. 
  • SOL has been quite bearish since the start of the week and had registered a marginal drop on Monday as well. 

Sellers continued to drive the Solana price down, as SOL is currently down by almost 5% in the ongoing session. SOL has been quite bearish over the past few sessions, although the price had pushed up by almost 6% on Saturday. However, after reaching this level, the price turned bearish, as sellers pushed the price down by 1.28% on Sunday. Monday saw the bearish sentiment persist as SOL stayed red before registering a significant drop in the ongoing session. 

Solana Price Chart Indicates SOL Could Drop To $220 

The Solana price was extremely bullish at the start of the previous weekend, as the price surged by almost 10% on Saturday before dropping on Sunday to end the weekend at $249.79. The bearish sentiment persisted on Monday, as the price registered a marginal drop but fell by almost 4% on Tuesday to settle at $239.15. SOL continued to drop on Wednesday, dropping to $233.34, before posting a marginal recovery on Thursday.

Image: SOL/USD daily chart 1116121

Image: SOL/USD daily

After Thursday’s marginal recovery, the Solana price dropped back on Friday, falling by 2.09% and settling at $228.61. The weekend saw a strong recovery on Saturday, as SOL pushed up by almost 6% on Saturday before falling by 1.28% on Sunday to settle at $238.59. The bearish sentiment continued at the start of the new week, as the price dropped marginally on Monday before dropping significantly during the current session. We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.

Image: SOL/USD 4-hour chart 1116121

Image: SOL/USD 4-hour

Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $258.67 on the 7th. However, the price dropped drastically from this level, falling to $243.90, slipping below the 20-bar SMA. The price continued to drop after registering a marginal recovery, falling to $233.35. SOL pushed up from this level but could not get past the 20 and 50-bar SMAs, and dropped to $222.47. SOL then rose to $241.69 but could not get past the 50-bar SMA and fell back to $234.22, where the 20-bar SMA was acting as support. SOL rose to $243.88 from this level before dropping to its current level of $226. We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that SOL could drop further.

Solana Price Is Expected To Reach These Levels 

The Solana price chart shows us that SOL has taken a significant fall during the current session, dropping below the 20-day SMA. If sellers maintain the current sentiment, we could see the price drop to $220.