Conclusion
Solana price analysis for August 26, 2022, ends on a bearish note for SOL with increased chances of retesting $30.
Solana price analysis for August 26, 2022, comes on a bearish note for the SOL coin as it is clear that the SOL token has fallen by almost 5% in the last 24 hours and it likely that we might see SOL retest the $30 price level which is the nearest support level for the token and hasn’t been broken for a very long time. Interestingly, if the situation of the market remains bearish and SOL is not capable of holding above the $30 price level, it is possible that we witness another crash in prices in the near future.
As noted in our SOL price analysis for August 25, 2022, the Solana token has a strong resistance towards the $40 price level which the token retested as support on multiple occassions but failed to hold above it nevertheless.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 21.25% in the last 24 hours, followed by a 4.4% drop in the market cap. The Market Dominance of the Solana token rests at 1.17%, while the Volume / Market Cap Ratio stands 0.06314.
The daily candle for Solana was initiated at a price of $35.26 and reached a daily high of $35.27. Furthermore, the daily low for SOL was seen at $34.41, while the price of 1 SOL at the time of writing was $34.64.
Solana price analysis from the daily chart for August 26
Solana price analysis for August 26, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line remains below the signal line but the two are now coming very close to each other.
The RSI indicator reads a value below 38 which confirms that the selling pressure for Solana is still very high.
The price action for Solana is retesting the lower region of the Bollinger Bands and a breakout is possible.
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