Solana drops below $35: Indicators point out possible bullish events

Solana price analysis for August 24, 2022, comes on a bullish note for the SOL coin as it is clear that the token has been holding prices above the $30 price level which is an optimistic situation for the SOL coin. It is also imperative to note that the if the bears remain in control of the price action of the SOL coin, we can expect another retest of the nearest support, i.e., $30. For now, it is clear that the prices have surged by 1.19% in the last 24 hours and we might see another retest of $35 but the chances of retaining above it are low since the market is currently devoid of volume.

As noted in our SOL price analysis for August 23, 2022, the Solana token has a strong support at the $30 price level with minor resistance at $35. Meanwhile, the token is ranked as the 9th biggest cryptocurrency.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 21.95% in the last 24 hours, followed by a 1.38% surge in the market cap. The Market Dominance of the Solana token dropped to 1.19%, while the Volume / Market Cap Ratio stands 0.07259.

The daily candle for Solana was initiated at a price of $35.69 and reached a daily high of $35.72. Furthermore, the daily low for SOL was seen at $34.31, while the price of 1 SOL at the time of writing was $34.91.

Solana price analysis from the daily chart for August 24

Solana price analysis for August 24, 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 bearish intensity of the histogram is declining for Ethereum.

The RSI indicator reads a value below 38 which means that Solana might see lower prices in the coming days.

The price action for Solana is retesting the lower region of the Bollinger Bands as a bearish breakout seems likely.