Conclusion
Solana price analysis for August 23, 2022, ends on a bearish note for SOL with increased chances of holding above $30.
Solana price analysis for August 23, 2022, comes on a bearish note for the SOL coin as it is clear that the chances of making higher highs in the coming days have dropped due to a large scale sell-off that was recently witnessed by investors in the crypto space. Interestingly, the SOL coin has a major support at the $30 price level and in the last 24 hours, the prices fell by more than 2% but this level was retained. It seems that we can expect SOL to continue testing this support region and aim for higher prices in the coming days.
As noted in our SOL price analysis for August 22, 2022, the SOL coin has retained its position as the 9th biggest token in the crypto space and investors can expect Solana to continue being one of the top 10 cryptocurrencies in the near future as well.
The data from CoinMarketCap shows that the trading volume for SOL surged by 15.76% in the last 24 hours, followed by a 2.58% drop in the market cap. The Market Dominance of the Solana token dropped to 1.20%, while the Volume / Market Cap Ratio stands 0.09168.
The daily candle for Solana was initiated at a price of $35.42 and reached a daily high of $35.59. Furthermore, the daily low for SOL was seen at $35.23, while the price of 1 SOL at the time of writing was $35.29.
Solana price analysis from the daily chart for August 23
Solana price analysis for August 23, 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 the intensity of the MACD histogram remains gradually decreases.
The RSI indicator reads a value below 39 which confirms that the sellers are still in control of the price action of SOL.
The price action for Solana is retesting the lower region of the Bollinger Bands as bears continue to dominate the SOL price action.
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