Solana drops 2% but still holds a place among the top 10


Share post:

Source: TradingView

Solana price analysis for August 23, 2022, comes on a bearish note for the SOL coin as it is clear that the chances of making higher highs in the coming days have dropped due to a large scale sell-off that was recently witnessed by investors in the crypto space. Interestingly, the SOL coin has a major support at the $30 price level and in the last 24 hours, the prices fell by more than 2% but this level was retained. It seems that we can expect SOL to continue testing this support region and aim for higher prices in the coming days.

As noted in our SOL price analysis for August 22, 2022, the SOL coin has retained its position as the 9th biggest token in the crypto space and investors can expect Solana to continue being one of the top 10 cryptocurrencies in the near future as well.

The data from CoinMarketCap shows that the trading volume for SOL surged by 15.76% in the last 24 hours, followed by a 2.58% drop in the market cap. The Market Dominance of the Solana token dropped to 1.20%, while the Volume / Market Cap Ratio stands 0.09168.

The daily candle for Solana was initiated at a price of $35.42 and reached a daily high of $35.59. Furthermore, the daily low for SOL was seen at $35.23, while the price of 1 SOL at the time of writing was $35.29.

Solana price analysis from the daily chart for August 23

Solana price analysis for August 23, 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 remains below the signal line as the intensity of the MACD histogram remains gradually decreases.

The RSI indicator reads a value below 39 which confirms that the sellers are still in control of the price action of SOL.

The price action for Solana is retesting the lower region of the Bollinger Bands as bears continue to dominate the SOL price action.


Solana price analysis for August 23, 2022, ends on a bearish note for SOL with increased chances of holding above $30.

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed.
What’s more?
He loves cryptocurrencies.

Original Source:

Author : Parth Dubey

Related articles

Analisi del prezzo di Bitcoin per il 24 marzo 2023

Analisi dei prezzi dei bitcoin per il 24 marzo 2023, Bitcoinla prima più grande criptovaluta basata sulla capitalizzazione...

Analiza ceny Bitcoina na dzień 24 marca 2023 r

Analiza ceny Bitcoina na dzień 24 marca 2023 r., Bitcoinypierwsza największa kryptowaluta oparta na kapitalizacji rynkowej, znajduje się...

Анализ цены биткойна на 24 марта 2023 г.

Анализ цены биткойна на 24 марта 2023 г., Биткойнпервая крупнейшая криптовалюта, основанная на рыночной капитализации, находится в нисходящем...

Bitcoin árelemzés 2023. március 24-én

Bitcoin árelemzés 2023. március 24-én, Bitcoin2021 novembere óta az első legnagyobb kriptovaluta a piaci kapitalizáció alapján. A Bitcoin...