Conclusion
Solana price analysis for August 3, 2022, ends on a bearish note for SOL as chances of retesting the lower $30s are very high.
Solana price analysis for August 3, 2022, comes on a bearish note for the SOL coin as we can confirm that the prices for the token has dropped by more than 6.7% in the last 24 hours and might drop further. It is also important to note that the token has a minor support at the $40 price region and we have finally lost this price level. Investors are expected to witness a price drop to lower $30s since there is no support in between. However, it is possible that bulls take advantage and SOL reclaims $40.
The data from CoinMarketCap shows that the trading volume for SOL surged by 16.76% in the last 24 hours, followed by a 5.53% drop in the market cap. The Market Dominance of the Solana token dropped to 1.29%, while the Volume / Market Cap Ratio stands at 0.09108.
As noted in our SOL price analysis for August 3, 2022, there is a huge resistance for the token at the $45 price region and it seems that investors might see this region get retested if $40 is reclaimed. However, we can also witness the Solana token retest $30.
The daily candle for Solana was initiated at a price of $39.78 and reached a daily high of $40.11. Furthermore, the daily low for SOL was seen at $38.73, while the price of 1 SOL at the time of writing was $38.74.
Solana price analysis from the daily chart for August 3
Solana price analysis for August 3, 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 and a bearish divergence is likely to follow.
The RSI indicator reads a value below 48 as bears have finally gained dominance.
The price action for Solana has dropped below the middle region of the Bollinger Bands, a bearish indication.
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