Solana regains $40 after an almost 2% price surge

Solana price analysis
Source: TradingView

Solana price analysis for August 6, 2022, comes on a bearish note for the SOL token as we can confirm that the prices have surged by almost 2% in the last 24 hours and investors might see additional price surges in the coming days if the $40 price region holds strong. This region was earlier a strong resistance for the SOL token but has since then turned into a minor support that the token has moved back and forth about. Another resistance for the SOL coin stands beyond the $45 price region which hasn’t been broken for now.

As noted in our SOL price analysis for August 5, 2022, the token has a major support at the $30 price region which has been holding for weeks and investors might see SOL retest this region if $40 is lost once again.

The data from CoinMarketCap shows that the trading volume for SOL jumped by 0.22% in the last 24 hours, followed by a 1.91% surge in the market cap. The Market Dominance of the Solana token dropped to 1.27%, while the Volume / Market Cap Ratio stands at 0.08413.

The daily candle for Solana was initiated at a price of $40.55 and reached a daily high of $40.72. Furthermore, the daily low for SOL was seen at $40.17, while the price of 1 SOL at the time of writing was $40.38.

Solana price analysis from the daily chart for August 6

Solana price analysis for August 6, 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 and the histogram has turned bearish.

The RSI indicator reads a value below 52 which means that the bears still aim to take over the Solana price action.

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

Conclusion

Solana price analysis for August 6, 2022, ends on a slightly bullish note for SOL as we can expect the token to lose $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.