- If the price climbs above $188 level, then it will likely go all the way till $203 level.
- At the time of writing, SOL is trading at $184.74, down 0.74% in the last 24 hours.
In spite of the market’s general downturn, Solana has maintained its upward pricing trend. Solana reached a major milestone last week when its value surged enough to overtake Binance Coin (BNB) in terms of market capitalization. For over 24 hours, BNB Chain and Solana have been engaged in a violent back-and-forth.
To be more precise, they have been trying to outdo one another in terms of market capitalization. While the aforementioned time was happening, the BNB chain overtook Solana for a short while, but Solana quickly got back to number four.
There has been talk over whether or not fund issuers may apply for more cryptocurrency ETFs now that the Spot Bitcoin and Ethereum ETFs are trading. In particular, market watchers have wondered if the biggest asset manager in the world, BlackRock, would apply for spot exchange-traded funds (ETFs) for other altcoins, such as Solana.
Consolidation Phase
The previous four weeks saw a substantial increase in Solana transactions. During the same time period, the highest daily transaction count occurred on July 24th with 46.83 million. On July 28, however, the number of transactions on Solana fell to 42.21 million, a modest decline from their recent peak.
At the time of writing, SOL is trading at $184.74, down 0.74% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 37.93%. The price has been consolidating in a tight range.
If the price climbs above $188 level, then it will likely go all the way till $203 resistance level. However, if the bears drive the price below $182 level then the price will likely test $179 short-term support level.
