Anticipated Solana (SOL) Costs for August
Solana's Future Momentum: A Cautious Bullish Outlook
The coming weeks are shaping up to be critical for Solana (SOL) as analysts predict a bullish trend, particularly if a golden cross—a bullish technical indicator—occurs.
According to Honey, the worst seems to be behind for Solana. In July, the network showed signs of cooling, with the price of SOL dipping around $170. However, SOL reaffirmed its position as one of the most resilient cryptocurrencies, surpassing the $200 mark to reach a local high of $206.19 on July 22.
The total value locked (TVL) in DeFi protocols on the Solana network surged by 14% to reach $9.85 billion in July. Moreover, trading volumes on Solana's DEXs jumped by 30% last month, surpassing $82 billion. This increased activity suggests a growing interest in Solana's ecosystem.
The potential golden cross for SOL, as predicted by Honey, could potentially be extremely bullish for the cryptocurrency. If SOL breaks the resistance of the trendline at around $188 and maintains a daily close above $175, it could reach new highs. The price is currently trading at $180.
However, the outlook depends on broader market conditions such as Bitcoin’s performance and macroeconomic factors that could influence risk appetite. On-chain metrics recently saw some cooling with declining user activity and TVL pullback, which could temper the upside temporarily.
If Solana triggers a golden cross soon and breaks above resistance, momentum could rise strongly, pushing SOL price near or above $200 in the coming weeks. Failure to do so may result in price testing lower support levels around $160.
For those interested in buying SOL, Bitget offers spot trading or leverage trading options (x3 recommended) for the cryptocurrency. Users can create an account on Bitget via the official website or mobile app, deposit funds, and access the SOL market to buy SOL. They can choose a market order to buy SOL immediately at the current price or a limit order to target a specific price.
In conclusion, the coming weeks will be crucial in determining Solana's future momentum. With the potential golden cross on the horizon and increasing network activity, analysts remain optimistic about SOL's future and predict a new rally.
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- To deepen your understanding of Solana, consider enrolling in the Crypto Academy's course on Solana finance and investing to learn more about trading strategies and analysis.
- As Solana's momentum continues, investors might find it advantageous to keep a close eye on the network's growth, such as TVL and trading volumes, to time potential buying opportunities in the coming weeks.
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