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Solana Technical Analysis: Development Activity Rising High, Will it Impact the SOL Price Ahead?

Solana Technical Analysis

Key Takeaways:

Current Price $34.73
Market Cap $12.17 billion
Circulating Supply 349.25 million
Total Supply 511.61 million
Vol (24H) $874.93 million
Change (7D) -20.55%

Solana Technical Analysis for August 2022

The Solana price in the recent times has been stagnant, after dropping hard in the recent past. The start of the month was incremental which was ignited from the time when the SOL price hit the lows during mid-June. However, the rising channel was broken and presently Solana is displaying huge possibilities of a price drain. 

While the monthly close in on the toes, one can expect a decent rise in the volatility that may drag the price out of the current consolidation. However, the possibility of a price breakdown appears to be pretty high but for a short period. By the end of the monthly trade, the SOL price could drop slightly to hit $32 and rebound to close the trade above $36 to $38.

Technical Analysis at a Glance

Short-Term The price had risen from the recent lows but appears to be primed to visit the same lows again
Mid-Term The asset is heavily consolidating along the lower support and looking for an opportunity for a breakout
Long-Term Solana price may hover within the same levels for some time and rebound hitting the lower support below $30

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 36.79 / 37.07 Sell / Sell
MACD -1.38 / -20.65 Sell / Sell
Average Directional Index(ADX) 20.36 / 35.56 Buy / Sell
Ultimate Oscillator 53.21 / 46.69 Buy / Sell
Bull-Bear Power -0.37 / -20.47 Sell / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $35.20 $40.12
MA 10 $35.18 $39.39
MA 20 $35.61 $50.58
MA 50 $39.76 $110.27
MA 100 $40.68 $68.49
MA 200 $40.53 $34.36

The top cryptos are extremely uncertain now and hence the SOL price is also flashing bearish signals in all the time frames. The RSI, MACD, etc are bearish in both short-term as well as long-term. Also, the bears are expected to dominate for a longer time as Bull-Bear power is also in favor of them. 

Conversely, ADX is positive in the short term which denotes coiling strength within the rally which may offer an interim bounce. However, the long term forecast is bearish. Therefore, the technicals suggest a notable drop could be fast approaching.

Additional Read: Solana Price Prediction

ON CHAIN METRICS Analysis

Source: Messari.io

Source: Santiment

Solana (SOL) Technical Analysis for Short Term

Source: Tradingview

Solana (SOL) Technical Analysis for Long-Term

Source: Tradingview

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