Solana has a minor correction happening today but is still preparing to reach its annual high of $210 as the month ends on a significant surge. SOL’s value has increased by more than 26 percent in the past 30 days. CoinMarketCap. All eyes will be on the token as it reaches the $181 mark.
Next few weeks will see a lot of changes. Solana Expect to see new records for the performance of 2024. It appears that its liquid stakes ecosystem seems to have had a noticeable impact on SOL. The total value (TVL), in particular, has exceeded the mark of $5.5 billion.
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Solana to set new year’s high in August
So far, 2024 has seen the crypto market enter mainstream. Solana is now a part of the crypto Big Three, with Bitcoin and Ethereum as well-established leaders. The recent technical indicators show that Solana will be increasing as the summer months progress.
Solana is likely to be readying itself for a challenge of its 210 dollar annual record as July closes out with a 26% gain. This appears to be driven by the liquid stake ecosystem. Dune Analyst According to a report, liquid staked SOLs have more than doubled in this past year. Staked LSTs increased by 395% from June 1st to July 26th.
The increase in activity is also a support for this. Token Terminal Solanas’ daily active users have increased 21%. Monthly active users also increased by a staggering 59%. The next step is to see when the token will return at $200.
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Solana broke recently through a double bottom pattern. Now, the bullish signal is forming a resistance around $202. The $210 mark is now in sight with a slight overhead resistance. Recent corrections have seen the price fall to below $190, which could be where it stays for a while.
How it behaves will reveal a lot about the current market. Between $200 and $210, a retest will immediately occur from these levels. The bottom may still fall. The asset could be retested at $165 if the support zone fails. The asset’s performance in August will provide more information about which scenario is most likely.
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Source: watcher.guru
