Solana chases after new monthly highs as the wider crypto market recovers.
A surge in Solana network activity, memecoin prices and optimistic derivatives markets could be a sign that SOL is aiming for $180.) rallied 13% between July 14 and July 16, breaking above the $160 resistance level for the first time in five weeks. However, SOL's price remains 24% lower from its $209 peak in March, leaving little room for celebration among bulls. Traders now question the sustainability of the uptrend and the odds of retesting the $180 level in the near term.
Several Solana SPL memecoins have presented impressive gains over the past 7 days, including MICHI , POPCAT , MYRO , and TRUMP . These movements incentivize the entrance of new investors and subsequently increase the demand for SOL tokens due to increased decentralized applications activity and enhanced liquidity in the Solana ecosystem, including its total value locked .
Solana is currently the second-largest blockchain in terms of decentralized exchanges volumes, and it is closing the gap with the market leader Ethereum , surpassing BNB Chain. A higher deposit base is typically considered bullish as it increases network security and contributes to a positive feedback loop, attracting more users and developers and driving up token valuation and potential for growth.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame
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