Conclusion
Solana price analysis for August 15, 2022, ends on a bearish note for SOL with high chances of retesting $40.
Solana price analysis for August 15, 2022, comes on a bearish note for the SOL coin as we can confirm that the chances of the token dropping to the $40 price level seems quite high. In the last 24 hours, we have seen SOL drop below the $45 price level which was a major price resistance for the SOL after a 6% crash in prices. This price fall came due to a huge amount of sellers orders created at the resistance zone near the $50 price level. It seems that traders are taking profits and lower prices might follow soon.
As noted in our SOL price analysis for August 14, 2022, the SOL coin is ranked as the 9th biggest cryptocurrency in the market and the nearest support for the token stands at the $40 price level while another support being at the $30 price level.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 29.10% in the last 24 hours, followed by a 0.85% drop in the market cap. The Market Dominance of the Solana token dropped to 1.38%, while the Volume / Market Cap Ratio stands 0.06638.
The daily candle for Solana was initiated at a price of $44.86 and reached a daily high of $47.24. Furthermore, the daily low for SOL was seen at $43.23, while the price of 1 SOL at the time of writing was $44.09.
Solana price analysis from the daily chart for August 15
Solana price analysis for August 15, 2022, will take into account the data from the daily chart below and three major indicators integrated into.
Source: TradingView
The MACD line is once again nearing the signal line and the histogram for Solana remains green with decreasing intensity.
The RSI indicator reads a value below 55 which confirms that SOL bears aim to retake dominance from the bulls.
The price action for Solana is in upper region of the Bollinger Bands but a retest of middle zone might follow.
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