Despite a slight correction taking place today, Solana is preparing a return to its $210 yearly high as July ends with a notable surge. Indeed, SOL has increased more than 26% in the last 30 days, according to CoinMarketCap. Now, all eyes are on how the token navigates the $181 level.
The next few weeks should see Solana look to set new marks for its 2024 performance. Moreover, it seems like its liquid staking ecosystem has shown to have a notable impact on SOL. Specifically, the total value locked (TVL) has surpassed the $5.5 billion mark.
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Solana Poised to Set New Yearly High in August
The cryptocurrency market has entered the mainstream so far in 2024. With Bitcoin and Ethereum firmly establishing themselves as the top 2, Solana has made its case within crypto’s Big Three. Its recent technical indicators signal a continued increase as we get further into the summer months.
Solana could be preparing to challenge its $210 yearly high as 26% closes the book on July. The liquid staking ecosystem appears to be the driving force. Dune Analyst has reported that SOL deposit in liquid staking has doubled this year. Specifically, staked LSTs jumped 395% between June 1st and July 26th.
This is also supported by an increase in activity, Token Terminal notes that Solanas daily active users jumped 21%. Moreover, the monthly active users increased an even more impressive 59%. Subsequently, the market is looking at when the token can return to the $200 level.
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Solana has recently broken through a double-bottom pattern. The bullish signal has now formed a resistance at $202. With a weak overhead resistance, the $210 price point begins to come into view. However, a recent correction has it falling below the $190 mark, where it could stay for a bit.
The support is now firmly at $180, and how it performs should tell the market a lot. An immediate retest from these levels will occur between $200 and $210. Yet, the bottom could fall out. Failure at the support zone could have the asset retesting at lows of $165. How it enters August should provide some more insight into which scenario is more likely.