Conclusion
Solana price analysis for August 1, 2022, ends on a bearish note for SOL with considerable chances of retesting $40.
Solana price analysis for August 1, 2022, comes on a bearish note for the SOL coin as it is clear that the token has dropped by more than 3% in the last 24 hours and investors can expect additional price drop in the near future. Moreover, it is also important to note that the SOL coin has a major resistance towards the $45 price level which needs to be broken in order to reclaim $50 price level. However, we can expect the SOL coin to retest the $40 price level as volume continues to decline for the token.
As noted in our SOL price analysis for July 31, 2022, there are huge chances of the token retesting lower support zones which are situated at $30 and $40 respectively. The former is a major support level while the latter is a minor one.
The data from CoinMarketCap shows that the trading volume for SOL dropped by 31.65% in the last 24 hours, followed by a 2.89% dropped in the market cap. The Market Dominance of the Solana token dropped to 1.36%, while the Volume / Market Cap Ratio stands at 0.09173.
The daily candle for Solana was initiated at a price of $42.34 and reached a daily high of $42.69. Furthermore, the daily low for SOL was seen at $42.04, while the price of 1 SOL at the time of writing was $42.61.
Solana price analysis from the daily chart for August 1
Solana price analysis for August 1, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line and the signal line are nearly overlapping for a very long time for the Solana token.
The RSI indicator reads a value below 56 which means that the sellers are also putting pressure to drive prices lower.
The price action for Solana might retest the middle region of the Bollinger Bands if prices drop to $40.
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December 20, 2025
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