Solana about to retest $30 as bears take over the price action

Solana price analysis for July 26, 2022, comes on a bearish note for the SOL token as we can confirm that the prices have dropped by over 6.42% in the last 24 hours and investors can expect the SOL token to drop further if the bears in control of the price action. In the last few days, we have seen the SOL token try to break through the $45 price level and aim for the $50 price zone. However, since it was unable to push through that region, the token is now back to retest the support at the $30 price level.

As noted in our SOL price analysis for July 25, 2022, the $40 price level was a resistance for the token which was broken but Solana failed to turn that resistance into support and now, we can confirm that another bearish trend has begun.

The data from CoinMarketCap shows that the trading volume for SOL surged by 13.77% in the last 24 hours, followed by a 6.55% drop in the market cap. The Market Dominance of the Solana token dropped to 1.28%, while the Volume / Market Cap Ratio stands at 0.1158.

The daily candle for Solana was initiated at a price of $36.66 and reached a daily high of $36.84. Furthermore, the daily low for SOL was seen at $35.51, while the price of 1 SOL at the time of writing was $36.01.

Solana price analysis from the daily chart for July 26

Solana price analysis for July 26, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.

The MACD line and the signal line are very close and a bearish divergence is almost confirmed.

The RSI indicator reads a value below 45 which confirms that the buying demand for Solana cannot keep up with the selling pressure.

The price action for Solana has dropped below middle zone of the Bollinger Bands confirming the continual of a price drop.