Conclusion
Solana price analysis for August 18, 2022, ends on a bearish note for SOL with considerable chances of losing $40.
Solana price analysis for August 18, 2022, comes on a bearish note for the SOL coin as the token has fallen by 5.53% in the last 24 hours and investors can expect SOL to drop further in the near future if the bears remain in control of the price action of the token. Additionally, we can also confirm that the chances of making higher highs in the coming days are considerably high as the potential of the token being used for institutional needs continue to increase. Although, a major hinderance for the SOL token is the network outages that it has been suffering.
As noted in our SOL price analysis for August 16, 2022, the nearest support for the token stands at the $40 price level which is being retested at the time of writing.
The data from CoinMarketCap shows that the trading volume for SOL surged by 14.15% in the last 24 hours, followed by a 5.35% drop in the market cap. The Market Dominance of the Solana token dropped to 1.28%, while the Volume / Market Cap Ratio stands 0.08637.
The daily candle for Solana was initiated at a price of $40.54 and reached a daily high of $41.06. Furthermore, the daily low for SOL was seen at $40.09, while the price of 1 SOL at the time of writing was $40.86.
Solana price analysis from the daily chart for August 18
Solana price analysis for August 18, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.
Source: TradingView
The MACD line remains below the signal line and a bearish divergence can be confirmed for Solana.
The RSI indicator reads a value below 49 as the bears have now taken over the SOL price action.
The price action for Solana is situated in the lower region of the Bollinger Bands.
Read More
All News
April 19, 2025
April 19, 2025
April 19, 2025
Floppypepe ($FPPE) is your ticket to the moon. Escape the ordinary and reach for lunar gains with this AI meme token. Secure your spot now before it's too late.
Join Now