Conclusion
Solana price analysis for August 19, 2022, ends on a bearish note for SOL as we can expect it to retest $30.
Solana price analysis for August 19, 2022, comes on a bearish note for the SOL coin as it is clear that the token has dropped by 11% in the last 24 hours and we can expect the SOL coin to retest the $30 price region in the near future if the situation remains the same. Additionally, it is also important to note that SOL coin has faced a strong resistance at the $45 price level which the token has been able to break on a number of occassions but hasn’t been able to turn it into support.
As noted in our SOL price analysis for August 18, 2022, the Solana token has a strong support at the $30 price level while there was another minor support at the $40 price level which has been lost. It seems that the bears are once again dominating the price action of SOL.
The data from CoinMarketCap shows that the trading volume for SOL surged by 14.15% in the last 24 hours, followed by a 5.35% drop in the market cap. The Market Dominance of the Solana token dropped to 1.28%, while the Volume / Market Cap Ratio stands 0.08637.
The daily candle for Solana was initiated at a price of $40.54 and reached a daily high of $41.06. Furthermore, the daily low for SOL was seen at $40.09, while the price of 1 SOL at the time of writing was $40.86.
Solana price analysis from the daily chart for August 19
Solana price analysis for August 19, 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 as bearish divergence for Solana drive prices lower.
The RSI indicator reads a value below 39 as the selling pressure for the token continues to surge.
The price action for Solana is retesting the lower region of the Bollinger Bands and a bearish breakout might follow.
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January 14, 2026
January 14, 2026
January 14, 2026
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