Solana shows no signs of positive movement today

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Solana price analysis for August 16, 2022, comes on a bearish note for the SOL coin as we can see that the token has dropped by almost 0.38% in the last 24 hours. Furthermore, it is also important to note that the SOL coin has a major resistance at the $45 price level which it was capable of breaking. However, despite numerous attempts, SOL was not successful in turning this resistance into support. Moreoveor, the nearest support for the token stands at the $40 prie level which is not a major one.

As noted in our SOL price analysis for August 15, 2022, the Solana coin has a major support at the $30 price level which has been holding for months for the token. Additionally, it will be interesting to see if SOL is actually capable of making higher highs.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 13.48% in the last 24 hours, followed by a 1.38% drop in the market cap. The Market Dominance of the Solana token dropped to 1.33%, while the Volume / Market Cap Ratio stands 0.07754.

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The daily candle for Solana was initiated at a price of $43.72 and reached a daily high of $44.27. Furthermore, the daily low for SOL was seen at $42.53, while the price of 1 SOL at the time of writing was $44.08.

Solana price analysis from the daily chart for August 16

Solana price analysis for August 16, 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 once again very close to the signal line as the histogram turns gradually bearish for Solana.

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The RSI indicator reads a value below 57 which confirms that SOL bulls are still dominating.

The price action for Solana is in upper region of the Bollinger Bands and a retest of lower levels might follow.

Conclusion

Solana price analysis for August 16, 2022, ends on a bearish note for SOL with high chances of retesting $40.

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