Solana in July : An Impressive Rally, But Momentum Slowing Down
Solana has reaffirmed its dominant position as one of the most resilient alternative cryptocurrencies in July, riding the market’s bullish wave. Following Bitcoin’s momentum closely, SOL surpassed the $200 mark to reach a local peak of $206.19 on July 22.
This spectacular rise has translated into intensified activity on the Solana network. The total value locked (TVL) in DeFi protocols jumped by 14% to reach $9.85 billion.
Trading volumes on the network’s DEXs climbed by 30% last month, exceeding $82 billion. This flurry of activity also generated an increase in network revenue, which grew by 13% compared to June.
However, as August approaches, signs of cooling are emerging. The price of SOL has fallen to around $170, while user activity on the network appears to be slowing down. The number of daily active addresses has decreased by 16% over the past 7 days, reflecting a slowdown in user engagement and decentralized application usage.
A Golden Cross on the Horizon for SOL
This drop in SOL price has pushed the coin dangerously below its 20-day exponential moving average (EMA), which forms an important dynamic support at $178.25.
Indeed, SOL fell rapidly to $170 just before the FOMC speech. However, as mentioned in our previous article, this is potentially extremely bullish for SOL.
In fact, SOL broke below its upward trendline only to quickly reclaim it. As SOL has regained its demand zone and is currently trading at $180, it now has a much higher probability of seeking new highs in the coming weeks.
Adding to this is a potential golden cross on the horizon, as shown by trader Honey. She is also enthusiastic about SOL’s future and forecasts another upward move to come, believing that the worst is behind for Solana.
SOL will soon need to break the trendline resistance at approximately $188 and, more importantly, maintain itself above $175 on the daily chart.
After a spectacular July, Solana’s momentum seems ready to pick up again. The coming weeks will be crucial in determining whether Solana can maintain its bullish momentum or if it will face new challenges.
How to Buy Solana (SOL) on Bitget
Here’s a guide to benefit from SOL’s imminent explosion :
- Sign up on Bitget : Create an account on Bitget via the official website or mobile app. Provide an email address or phone number, then complete the identity verification (KYC).
- Deposit funds : Deposit fiat currency (EUR, USD, etc.) via bank transfer or card, or transfer cryptocurrencies from another wallet.
- Access the SOL market : Go to the trading section and select the SOL/USDT or SOL/USD pair. Bitget offers spot trading or leveraged options (x3 recommended).
- Place a buy order : Choose a market order to buy immediately at the current price (around $180) or a limit order to target $178-180. Verify and confirm.
