In this video I break down the current Solana price action to determine if we are seeing a corrective bounce or the start of a deeper leg down in the bear market. I analyze the key resistance levels and the Elliott Wave structures on both the daily and hourly timeframes to map out where the price could head next. Video by More Crypto Online.
"New to trading? Try out iqoption for free educational materials, a risk-free demo account, and a low minimum deposit($20). Start your journey in the financial markets now!"
Learn more >>
Solana (SOL) is trading at $72.66, reflecting a minor 0.01% daily uptick amidst a period of prolonged price consolidation. The cryptocurrency remains under pressure, locked beneath key overhead Exponential Moving Averages (EMAs) and navigating its tenth consecutive red monthly candle.
Visit Trading Platform >>
Insights Today
1. Tokenomics Shakeup (SGP-0003) - The validator community is aggressively debating the SGP-0003 governance package (bundling the SIMD-0550 and SIMD-0553 proposals). If passed by the August 18 deadline, the network will double its asset disinflation rate and transition to a resource-based transaction fee layout. This would increase daily SOL burns from a modest 650 coins up to an estimated 9,000 SOL per day, radically tightening the network's long-term supply.
2. Record On-Chain Traffic - Despite weak spot price performance, network utility has hit historic milestones. Solana processed over 1 billion non-vote transactions in a single week. On-chain activity remains robust, propelled by a 32% rise in decentralized application (dApp) revenue and an expanding market for tokenized card collections and physical collectibles.
3. Institutional Traction Standstill - Circle launched its Arc Mainnet, introducing BlackRock and Visa as network validators to optimize institutional enterprise credibility. However, investment products are experiencing a temporary standstill; spot Solana ETFs in the United States logged five consecutive sessions of absolute zero net flows following a notable $18.1 million outflow from Bitwise's fund
Buy, sell, and store over 400 digital assets at one of Europe’s leading exchanges. Crypto trading and staking made simple!
Learn more >>
