Solana about to break $40 as investors expect higher prices

Solana price analysis
Source: TradingView

Solana price analysis for August 5, 2022, comes on a bearish note for the SOL coin as we can confirm that the prices in the last 24 hours have surged by 1.96% and we can expect that the coin will retake the $40 price level. However, the question is, will SOL be able to retain prices above $40. In the past few weeks, we have seen that this price region is very important for the SOL price action. Additionally, SOL also has a strong resistance towards $45 which it hasn’t been able to break for a very time.

As noted in our SOL price analysis for August 4, 2022, there is a considerable chances that the Solana coin might try retain the $40 price region while the nearest support for the token at $30 stands strong for now.

The data from CoinMarketCap shows that the trading volume for SOL dropped by 32.81% in the last 24 hours, followed by a 0.88% surge in the market cap. The Market Dominance of the Solana token rose to 1.28%, while the Volume / Market Cap Ratio stands at 0.08465.

The daily candle for Solana was initiated at a price of $38.83 and reached a daily high of $40.16. Furthermore, the daily low for SOL was seen at $38.71, while the price of 1 SOL at the time of writing was $39.99.

Solana price analysis from the daily chart for August 5

Solana price analysis for August 5, 2022, will take into account the data from the daily chart below and three major indicators integrated into.

Solana price analysis
Source: TradingView

The MACD line is below the signal line while the MACD histogram has turned bearish for Solana.

The RSI indicator reads a value below 51 which means that the bears and the bulls continue to fight for control.

The price action for Solana has is retesting the middle region of the Bollinger Bands.

Conclusion

Solana price analysis for August 5, 2022, ends on a bearish note for SOL as we can expect the token to retain $40.

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.