Solana breaks above $40 once again: The worst is over?

Solana price analysis
Source: TradingView

Solana price analysis for July 29, 2022, comes on a bullish note for the SOL coin as it is clear that the SOL coin rose by 8.25% in the last 24 hours and investors might see additional price surge in the coming days as well. Furthermore, it is also important to note that the SOL token has broken above the $40 price level, which is an area of resistance. If the price action remains strong, we can expect SOL to make a move towards $50 in the near future. It is advised to take this with a grain of salt because crypto market is extremely volatile.

Furthermore, as noted in our SOL price analysis for July 29, 2022, there is a considerable amount of support for the Solana token at the lower $30s which the token’s has been able to retain for long.

The data from CoinMarketCap shows that the trading volume for SOL surged by 35.41% in the last 24 hours, followed by a 7.50% surge in the market cap. The Market Dominance of the Solana token rose to 1.38%, while the Volume / Market Cap Ratio stands at 0.1677.

The daily candle for Solana was initiated at a price of $42.92 and reached a daily high of $43.49. Furthermore, the daily low for SOL was seen at $42.40, while the price of 1 SOL at the time of writing was $42.41.

Solana price analysis from the daily chart for July 29

Solana price analysis for July 29, 2022, will take into account the data from the daily chart below and three major indicators integrated into it.

Solana price analysis
Source: TradingView

The MACD line and the signal line are nearly overlapping each other for a long time which means that the Solana price action is devoid of buying volume.

The RSI indicator reads a value below 58 which confirms that the buying pressure remains dominance.

The price action for Solana aims to retest the upper region of the Bollinger Bands which means that bullish movement might follow.

Conclusion

Solana price analysis for July 29, 2022, ends on a bullish note for SOL with high chances of making a move towards $50.

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