Solana breaks $45 resistance: Next stop is $50

Solana price analysis
Source: TradingView

Solana price analysis for August 13, 2022, comes on a bullish note for the SOL coin as we can see that the prices have surged by more than 11% in the last 24 hours and it can be confirmed that the token has finally broken the $45 price region. Additionally, it is also important to note that the SOL token has been able to retain prices above the $40 price region and the $50 price region holds as resistance for now. The nearest price level to watch out for the SOL coin is the $50 price region which investors can expect to be retested soon.

As noted in our SOL price analysis for August 12, 2022, the Solana coin has a strong support at the $40 price region while another major support is present at the $30 price region.

The data from CoinMarketCap shows that the trading volume for SOL surged by 17.78% in the last 24 hours, followed by a 11.14% surge in the market cap. The Market Dominance of the Solana token rose to 1.40%, while the Volume / Market Cap Ratio stands at 0.09964.

The daily candle for Solana was initiated at a price of $45.49 and reached a daily high of $48.38. Furthermore, the daily low for SOL was seen at $45.27, while the price of 1 SOL at the time of writing was $47.62.

Solana price analysis from the daily chart for August 13

Solana price analysis for August 13, 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 moving away from the signal line but the histogram for Solana remains bullish.

The RSI indicator reads a value below 66 which confirms that SOL token is now entering the overbought region.

The price action for Solana is breaking out from the upper region of the Bollinger Bands and volatility can be expected.

Conclusion

Solana price analysis for August 13, 2022, ends on a bullish note for SOL with high chances of retesting $50.

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