Solana Bulls Step In at $169, SOL Price Prepares for $200 Charge
The post Solana Bulls Step In at $169, SOL Price Prepares for $200 Charge appeared on BitcoinEthereumNews.com. Solana has just entered August in a consolidation phase after a 40% rally in July. This is what the indicators signal for the month ahead. Solana (SOL) closed July on a high note, even despite a surprise crash in price towards the $169 price level between 23 and 30 July. As of writing, the price outlook for Solana in August now hangs in the balance as traction slows. On-chain metrics are cooling off and traders are now questioning the coin’s next move. Solana (SOL) Price Outlook Begins With July’s Bull Run After climbing 40% in July and reaching a high of $206.19, SOL now appears to be trading near the $180 zone. Technical and on-chain data show that the cryptocurrency is in a period of consolidation, and analysts are wondering what August has in store. Solana’s price outlook for August largely depends on what happened in July. The cryptocurrency rallied from around $147 to over $206 by July 22, after closely tracking Bitcoin’s climb. This rally wasn’t just speculative, it was backed by solid fundamentals. Total Value Locked (or TVL) across Solana’s DeFi protocols surged by 14% to around $9.85 billion, according to DefiLlama. Trading activity on decentralized exchanges (DEXs) also increased, with volumes rising by 30% and surpassing $82 billion. Solana’s TVL hit a local peak in July before slightly retreating in August.Source: DefiLlama The rally brought more revenue into the Solana network because since July 1, the network generated $4.3 million in protocol revenue. This is a 13% increase over the previous month. However, by the end of the month, prices had crashed to $169 and indicators were flashing warnings. On-Chain Activity Slows as August Begins One of the earliest signs of a cooldown in the Solana (SOL) price outlook for August was the drop in user engagement.…
The post Solana Bulls Step In at $169, SOL Price Prepares for $200 Charge appeared on BitcoinEthereumNews.com.
Solana has just entered August in a consolidation phase after a 40% rally in July. This is what the indicators signal for the month ahead. Solana (SOL) closed July on a high note, even despite a surprise crash in price towards the $169 price level between 23 and 30 July. As of writing, the price outlook for Solana in August now hangs in the balance as traction slows. On-chain metrics are cooling off and traders are now questioning the coin’s next move. Solana (SOL) Price Outlook Begins With July’s Bull Run After climbing 40% in July and reaching a high of $206.19, SOL now appears to be trading near the $180 zone. Technical and on-chain data show that the cryptocurrency is in a period of consolidation, and analysts are wondering what August has in store. Solana’s price outlook for August largely depends on what happened in July. The cryptocurrency rallied from around $147 to over $206 by July 22, after closely tracking Bitcoin’s climb. This rally wasn’t just speculative, it was backed by solid fundamentals. Total Value Locked (or TVL) across Solana’s DeFi protocols surged by 14% to around $9.85 billion, according to DefiLlama. Trading activity on decentralized exchanges (DEXs) also increased, with volumes rising by 30% and surpassing $82 billion. Solana’s TVL hit a local peak in July before slightly retreating in August.Source: DefiLlama The rally brought more revenue into the Solana network because since July 1, the network generated $4.3 million in protocol revenue. This is a 13% increase over the previous month. However, by the end of the month, prices had crashed to $169 and indicators were flashing warnings. On-Chain Activity Slows as August Begins One of the earliest signs of a cooldown in the Solana (SOL) price outlook for August was the drop in user engagement.…
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