Solana Surges in Active Users, DEX Volume, While SOL Price Finds Support

Solana’s network activity is booming, with active wallets and DEX volume reaching new highs. However, the price faces resistance and needs to hold above key support levels.

Solana Network Sees Explosive Growth

The Solana network witnessed a significant increase in active wallets, surpassing 1 million for the first time. This surge indicates growing user adoption and trust in the platform.

Solana’s decentralized exchange (DEX) volume surpassed Ethereum’s for the second consecutive day, reaching $2.5 billion compared to Ethereum’s $1.23 billion. This achievement highlights Solana’s growing dominance and efficiency in DeFi.

The number of new token accounts on Solana has also seen a significant rise, reaching nearly 3.6 million in June. This reflects the continued expansion of the Solana ecosystem and its appeal to developers.

Solana ETF Rumors Swirl

Rumors suggest investment giant BlackRock might be considering a spot Solana ETF, potentially paving the way for wider institutional adoption.

Obtaining approval for a Solana ETF might be more challenging compared to Bitcoin and Ethereum due to Solana’s shorter history and higher volatility. A Solana ETF approval could trigger a wave of similar applications from other crypto projects, posing a challenge for regulators.

SOL/USD Technical Analysis: Solana Price Finds Support

• Technical indicators mixed: While the recent price drop took Solana near the 50-day EMA, a crucial support level, there are signs of potential recovery. The overall price structure remains relatively intact.
• Key support zones: $158 and $151 act as critical support levels, providing a buffer against further price declines. Other moving averages, like the 100-day EMA at $151, offer additional support.
• Resistance ahead: If Solana surpasses immediate resistance at $177.38 and $186.38, it could trigger a new buying wave and propel the price higher.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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