Solana (SOL) Price Consolidates After Recent Brief Price Surge

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Solana (SOL) Price Consolidates After Recent Brief Price Surge
Credit: © Reuters.

  • SOL’s price rose by 2.2% in a day as per data from CMC (NS: CMC ).
  • If the price of the token can break through $26, it may be able to reach $28.

There are a number of causes behind Solana’s recent brief price surge. On July 7, Solana finally had its much-anticipated Proof-of-History fork, which included significant enhancements to the underlying network. Developers and investors now have more faith in Solana as a result of the successful fork.

Solana’s DeFi activity is also picking up speed, with the total value locked lately surpassing $1.2 billion. There will be a greater need for the SOL token as more Solana DApps become available.

The Solana Foundation has been working to make an impact by holding a public event, PlayGG, in San Diego last week. General Manager of Solana Games Johnny Lee anticipated the free two-day event would attract investors, the media, and local San Diego families to try out blockchain gaming in a manner that didn’t focus on crypto or NFTs.

Strong Resistance at $26 Mark

SOL’s price rose by 2.2% in a day, although the token has hardly moved upward during the last week. Despite the obstacles, the morning star reversal sign and a bullish pennant formation are two crucial bullish indications to keep an eye out for.

These trends indicate that a successful test of the nearby resistance level at the $26 mark might pave the way for SOL to attempt a rally to the highs it hit two weeks ago. SOL is worth $25.07 at the time of this writing and has been trying to break over the $26 resistance level.

If the price of the token can break through $26, it may be able to reach $28. At that price, it may have hit a ceiling. If the currency can break over this resistance, it may continue its upward trend all the way to $30. However, there is a potential for decline. If SOL can’t maintain its price above $26, it might drop below $21. If it drops below that level, it may hit $18 as well.

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