Solana Price Prediction as Multicoin Capital Matches $1M in SOL Donations – Will SOL Surge?
Solana’s price has increased significantly by 5.72% to $142.18, compared to a 7.76% drop on July 4. It fell below the crucial support level of $139.50, indicating potential further declines.
Despite a 15.77% decline this month, Solana has achieved an impressive annual return of 595.28%, outperforming other leading cryptocurrencies.
The recent decline below the $139.50 support level and increased trading volume indicate potential ongoing selling pressure. Solana’s price might retest the $135.65 resistance level , and overcoming it could lead to a reversal and reclaiming of the long-term support.
Last month alone, SOL saw significant price fluctuations, ranging from a high of $175 to a low of $124. The decline was influenced not only by broader market trends but also by internal issues within the network.
Concerns about maximum extractable value (MEV) and incidents of validators exploiting traders through “sandwich attacks” exacerbated the downturn. Additionally, Ethereum’s strong performance as a Layer 1 blockchain and limited new inflows into Solana further contributed to SOL’s price drop.
However, SOL closed the month at $144 on a bullish note, spurred by optimism around VanEck and 21Shares’ filing of the first Solana spot exchange-traded fund (ETF) applications.
This news triggered a 10% price increase in a single day, continuing a positive trend that began in late May. Analysts viewed the potential approval of spot Solana ETFs similarly to Bitcoin ETFs, anticipating a favorable impact on SOL’s price.
On-chain data revealed a robust increase in Solana’s daily transaction volume throughout June , rising from 32.7 million transactions on June 1 to 43.8 million by June 30, marking a nearly 34% uptick.
This growth
Read more on cryptonews.com
