Solana close to vital resistance: Will SOL be able to push through?

Solana price analysis for August 9, 2022, comes on a slightly bearish note for the token as we can confirm that the prices have dropped by almost 0.35% in the last 24 hours and investors might witness another price drop as well. It is also important to note that the SOL coin is very close to a major resistance which is present at the $45 price level and if SOL loses this region, the uptrend will be prevented and a retest of the $40 price level can be expected. The $40 price level was an earlier resistance level where we can find minor support for SOL.

As noted in our SOL price analysis for August 8, 2022, the Solana token has a major support towards the $30 price level which hasn’t been retest for a number of days. This support region has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume for SOL surged by 117.95% in the last 24 hours, followed by a 0.13% drop in the market cap. The Market Dominance of the Solana token dropped to 1.31%, while the Volume / Market Cap Ratio stands at 0.1158.

The daily candle for Solana was initiated at a price of $42.17 and reached a daily high of $42.76. Furthermore, the daily low for SOL was seen at $41.52, while the price of 1 SOL at the time of writing was $42.45.

Solana price analysis from the daily chart for August 9

Solana price analysis for August 9, 2022, will take into account the data from the daily chart below and three major indicators integrated into.

The MACD line is overlapping with the signal line as the intensity of the histogram remains quite low.

The RSI indicator reads a value below 57 confirming that the bears are still fighting for dominance.

The price action for Solana has is now situated in the bullish region of the Bollinger Bands but the retest of the middle zone seems like.