Solana very close to critical resistance as market remains green

Solana price analysis
Source: TradingView

Solana price analysis for August 11, 2022, comes on a bullish note for the SOL token as it is clear that investors can expect the coin to make higher highs in the coming days. This is because the nearest resistance for the token stands at the $45 price level and SOL is about to break that region. However, if the trading volume drops, we can expect slight correction as the market has been quite bullish in the recent days. The SOL coin has jumped 11.5% in the last 24 hours and has retained its position as the 9th biggest crypto in the market.

As noted in our SOL price analysis for August 10, 2022, the SOL coin has been holding above the $40 price level and continues its attempts to turn it into support.

The data from CoinMarketCap shows that the trading volume for SOL surged by 73.20% in the last 24 hours, followed by a 11.87% surge in the market cap. The Market Dominance of the Solana token rose to 1.34%, while the Volume / Market Cap Ratio stands at 0.1138.

The daily candle for Solana was initiated at a price of $42.47 and reached a daily high of $45.08. Furthermore, the daily low for SOL was seen at $42.34, while the price of 1 SOL at the time of writing was $44.38.

Solana price analysis from the daily chart for August 11

Solana price analysis for August 11, 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 overlapping with the signal line while the histogram for Solana has turned green.

The RSI indicator reads a value below 60 which confirms that bulls are still in control.

The price action for Solana is retesting the upper region of the Bollinger Bands and a bullish breakout can be expected.

Conclusion

Solana price analysis for August 11, 2022, ends on a bullish note for SOL with high chances of reclaiming $45.

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