Solana price analysis for August 10, 2022, comes on a bearish note for the SOL coin as it clear that the token has dropped by almost 7% in the last 24 hours and investors can expect additional price falls as well. This is because there is a major resistance for the token towards the $45 price level which has been holding for a very long time and SOL hasn’t been able to break it despite multiple attempts. It in also imperative to note that the token has been trying to turn $40 into support but hasn’t been able to do so.
As noted in our SOL price analysis for August 9, 2022, the Solana coin has a major support at the $30 price level and there are chances of retesting the same in the near future if the bulls don’t take over.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 30.45% in the last 24 hours, followed by a 7.23% drop in the market cap. The Market Dominance of the Solana token dropped to 1.27%, while the Volume / Market Cap Ratio stands at 0.07344.
The daily candle for Solana was initiated at a price of $40.34 and reached a daily high of $40.34. Furthermore, the daily low for SOL was seen at $39.15, while the price of 1 SOL at the time of writing was $39.75.
Solana price analysis from the daily chart for August 10
Solana price analysis for August 10, 2022, will take into account the data from the daily chart below and three major indicators integrated into.
The MACD line is overlapping with the signal line and intensity of the Solana histogram confirms low volume.
The RSI indicator reads a value below 50 which confirms that bears are now in control.
The price action for Solana is retesting the middle region of the Bollinger Bands and further price crash can be expected.
Conclusion
Solana price analysis for August 10, 2022, ends on a bearish note for SOL with high chances of retesting $30.
