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Solana Price Prediction for Today, August 1: SOL Price May Slide Below $40 Low

Solana Price Prediction
Solana Price Prediction

The Solana price prediction reveals that XRP may head to the downside as the dip is likely to get worse if it crosses to the negative side.

SOL/USD Market

Key Levels:

Resistance levels: $70, $75, $80

Support levels: $25, $20, $15

SOL/USD may not be able to follow the bullish movement as the coin moves to cross below the 9-day and 21-day moving averages. The Solana price is currently trading at $41.31, sliding from the high of $43.29 to face the downside at the time of writing.

Solana Price Prediction: Solana My Head to the Downside

Looking at the daily chart, the Solana price is moving sideways, any bearish movement toward the 9-day and 21-day moving averages may increase the short-term selling pressure while the critical supports may come around $25, $20, and $15. Meanwhile, any bullish movement above the upper boundary of the channel may reach the next resistance levels at $70, $75, and $80.

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However, the technical indicator could start a new bearish session as the Relative Strength Index (14) moves to cross below the 50-level. It is, however, not clear how long the session will last because, in the last few weeks, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators within the daily chart.

SOL/BTC Market: Bears May Dominate the Market

Against Bitcoin, the market price is likely to cross below the 9-day and 21-day moving averages as the coin trades at 1791 SAT. On the contrary, if the coin can make a cross above the upper boundary of the channel, the bulls may push the price to the upside.

SOLBTC – Daily Chart

However, if the market drops below the moving averages, the price could hit the next key support at 1400 SAT and below. On the bullish side, a possible rise may push the market above the channel which could hit the resistance level of 2500 SAT and above. As revealed by the technical indicator, the Relative Strength Index (14) may begin to follow the downward movement as the signal line moves to cross below the 50-level.

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