Solana rejected at $40 as recent exploit mounts pressure

Solana price analysis
Source: TradingView

Solana price analysis for August 4, 2022, comes on a bearish note for the SOL coin as we can confirm that the prices have dropped by 2.74% in the last 24 hours and additional price drops might also occur in the near future. If the bulls and the bearish continue their struggle, the current scenario will lead nowhere. This is because there is no strong win either side. However, SOL needs to pick one side, either the bulls or the bears. The SOL has lost a minor support at $40 and now another support lies in the lower $30s.

As noted in our SOL price analysis for August 3, 2022, the Solana coin might retest $40 price level but has a strong resistance beyond the $45 price level which it has failed to breach on multiple occassions.

The data from CoinMarketCap shows that the trading volume for SOL surged by 88.32% in the last 24 hours, followed by a 3.26% drop in the market cap. The Market Dominance of the Solana token dropped to 1.26%, while the Volume / Market Cap Ratio stands at 0.1704.

The daily candle for Solana was initiated at a price of $38.54 and reached a daily high of $38.80. Furthermore, the daily low for SOL was seen at $38.43, while the price of 1 SOL at the time of writing was $38.78.

Solana price analysis from the daily chart for August 4

Solana price analysis for August 4, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD line is below the signal line and a bearish divergence can be confirmed by zooming in.

The RSI indicator reads a value below 48 which means that the bears are in control now.

The price action for Solana has dropped below the middle region of the Bollinger Bands.

Conclusion

Solana price analysis for August 4, 2022, ends on a bearish note for SOL with increased chances of dropping to lower $30s.

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