Solana Blockchain Remains Robust, but SOL Price Crumbles
Despite strong on-chain indicators for Solana, such as Total Value Locked (TVL) increasing by 2.67% and stablecoin growth of 500% month-over-month, SOL’s price has experienced a weekly decline of nearly 10%. This trend contrasts sharply with the performance of its main layer 1 competitors, placing Solana at the top of weekly losses among the five largest cryptocurrencies.
This SOL pullback can be attributed to aggressive selling pressure, with more than $4 billion in open interest liquidated over the past two weeks. Meanwhile, Ethereum has also experienced significant outflows but continues to outperform Solana. Indeed, the SOL/ETH ratio continues to decline, raising questions about a potential continued downturn for Solana relative to the broader market.
Institutional Capital Inflow Not Enough
Although institutional players like DeFi Dev Corp. have significantly increased their exposure to SOL, this momentum hasn’t translated into performance equivalent to Ethereum’s. SOL/ETH has fallen by 25% over one month, its worst monthly performance since 2022.
With capital rotation heavily favoring Ethereum, SOL risks continuing to lag behind. Without a clear catalyst favoring risk-on assets, Solana may struggle to reclaim the psychological threshold of $200. Competition with other major digital assets, particularly Ethereum, remains a crucial challenge to monitor in a volatile and constantly evolving market.
From a technical perspective, if Solana manages to sustainably break through the $185 threshold, it could reach $230 in the coming weeks. Breaking the trendline at $174 is the first resistance to overcome. Indeed, the chart shows similarities with SOL’s price action on June 23, with an RSI approaching oversold territory on the 12H timeframe. Maintaining support above $154 will be crucial to confirm this rebound.
How to Buy Solana on Bitget ?
To take advantage of this approaching nearly 50% rebound, here’s how to buy Solana on Bitget :
- Create a Bitget account : Sign up on Bitget’s website or mobile app. Complete identity verification (KYC).
- Deposit funds : Add fiat currency (EUR, USD) via bank card or SEPA transfer, or use cryptocurrencies like USDT.
- Access the SOL market : In the “Spot Trading” section, select the SOL/USDT or SOL/EUR pair (current price: ~$165).
- Place a buy order : Configure monthly orders of $500 (DCA) via a market or limit order (e.g., $160 for a dip)
Tip : Activate 2FA and plan your regular purchases to smooth out volatility.
DCA Strategy with Leverage to Trade SOL on Bitget
- Open a Bitget account : Sign up, complete KYC, and activate 2FA.
- Transfer funds : Deposit funds (fiat or USDT) and transfer them to your futures account.
- Configure DCA with leverage : Plan purchases with 5x leverage
- Parameters :
- Entry : Buy at $163.
- Stop-Loss (SL) : $154 (maximum loss of $11 per SOL, or $165 for 15 SOL).
- Take-Profit (TP) : 50% at $185 (gain of $20 per SOL, or $150 for 7.5 SOL) and 50% at $230 (gain of $65 per SOL, or $487.5 for 7.5 SOL).
- Place your orders : Configure long orders with SL at $154 and TP at $185 and $230. Verify position size.
- Manage your position : Monitor the market via Bitget and adjust SL/TP if necessary.
- Secure your profits: Transfer gains to USDC in spot on Bitget.
Tip : Leverage increases the risk of liquidation. Test on a demo account and use moderate leverage (5x). Calculate the risk/reward ratio ($11 risk for $20 to $65 gain per Solana).
