Conclusion
Solana price analysis for August 20, 2022, ends on a bearish note for SOL as we can expect it to retest $30.
Solana price analysis for August 20, 2022, comes on a bearish note for the SOL coin as we can confirm that the token has dropped by 4.30% in the last 24 hours which means that the bears continue to remain in charge of the price action of the token. It is also important to note that the bears are in control of the SOL coin and the retest of the nearest support of the $30 price region is very likely. Moreover, the SOL coin has a strong resistance towards the $45 price level which the SOL bulls haven’t been able to breach on a number of occassions.
As noted in our SOL price analysis for August 19, 2022, the SOL coin might retest the support at the $30 price level and in all likely, this region might hold as well. However, the token has also successfully retained the 9th position in the crypto space.
The data from CoinMarketCap shows that the trading volume for SOL surged by 53.79% in the last 24 hours, followed by a 4.02% drop in the market cap. The Market Dominance of the Solana token dropped to 1.26%, while the Volume / Market Cap Ratio stands 0.1318.
The daily candle for Solana was initiated at a price of $35.82 and reached a daily high of $36.86. Furthermore, the daily low for SOL was seen at $35.77, while the price of 1 SOL at the time of writing was $36.66.
Solana price analysis from the daily chart for August 20
Solana price analysis for August 20, 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 and the histogram remains bearish as well.
The RSI indicator reads a value below 41 as the selling pressure for the token remains high.
The price action for Solana is retesting the lower region of the Bollinger Bands and a bearish breakout might follow.
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December 7, 2025
December 7, 2025
December 7, 2025
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