Solana (SOL) Price Prediction for August 7
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After dropping from the July peak near $205, Solana price has entered a clear descending triangle formation. The Solana price today sits at $163.30, just above the structure’s rising base trendline and within striking distance of demand support near $160. However, bearish indicators are starting to build, and on-chain outflows are adding downside risk.
What’s Happening With Solana’s Price?
On the 4-hour chart, Solana price action is forming a descending triangle, with lower highs capping every bullish rally and an ascending dotted trendline supporting price just above $160. Multiple rejections near the $170–$172 level align with this pattern, showing clear supply pressure from the descending trendline.
Current price sits just above the lower Bollinger Band at $158.8, while the 20 EMA ($164.86) is acting as immediate dynamic resistance. All major EMAs are now stacked above price, reinforcing a bearish structure. The Bollinger Bands are starting to compress, often a precursor to volatility expansion.
Why Is The Solana Price Going Down Today?
The post Solana (SOL) Price Prediction for August 7 appeared first on Coin Edition.
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