Solana turns bullish: Bulls aim for the $45 price level

Solana price analysis for August 8, 2022, comes on a bullish note for the SOL coin as it is quite clear that higher prices can be expected from the token in the near future. Additionally, in the last 24 hours, the SOL coin was able to reclaim the $40 price level and is currently about to enter the $43 price level and make way towards the $45 price region. Beyond this lies a region of strong resistance which SOL hasn’t been able to break for a very long time.

As noted in our SOL price analysis for August 7, 2022, there might be a scenario where Solana bulls might take over and reclaim the $50 price level. However, for now, it is clear that the token retains the support present near the $30 price level and we can expect SOL to make higher highs.

The data from CoinMarketCap shows that the trading volume for SOL surged by 33.83% in the last 24 hours, followed by a 7.93% surge in the market cap. The Market Dominance of the Solana token rose to 1.32%, while the Volume / Market Cap Ratio stands at 0.05542.

The daily candle for Solana was initiated at a price of $40.60 and reached a daily high of $40.55. Furthermore, the daily low for SOL was seen at $42.76, while the price of 1 SOL at the time of writing was $42.76.

Solana price analysis from the daily chart for August 8

Solana price analysis for August 8, 2022, will take into account the data from the daily chart below and three major indicators integrated into.

Source: TradingView

The MACD line is overlapping with the signal line as histogram remains sluggish.

The RSI indicator reads a value below 57 as bulls take over the price action of Solana.

The price action for Solana has is now situated in the bullish region of the Bollinger Bands.