In this video I break down the current price action for Solana to determine if a recovery is underway or if this is simply a corrective bounce within a broader bear market. I analyze the latest Elliott Wave structure and identify the critical resistance zones that will dictate whether the asset continues its path higher or faces a renewed decline. Video by More Crypto Online.
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The price of Solana (SOL) is trading around $91.15, marking an approximate 5% to 6% increase over the past 24 hours. This continuation of weekly gains puts the token up nearly 19% over the last seven days, clearing key technical hurdles like its 200-day moving average and placing $100 as the next major psychological milestone.
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-Landmark Infrastructure Upgrade: Solana has officially deployed its Agave protocol upgrade, bringing the target slot time down from 400ms to 350ms. This is the network's first speed-up since its genesis, significantly lowering latency for decentralized finance (DeFi) and high-frequency trading platforms. Further updates under Agave 4.2 are set to slash storage costs by 90%.
-Institutional ETF Inflows: Momentum has been heavily reinforced by traditional finance. US-listed spot Solana ETFs captured $14.58 million in net inflows on Thursday, marking their highest single-day influx since late July and extending a 7-week positive streak.
-Short Squeeze: Market reports indicate a massive wave of liquidations across the crypto market, with over $1 billion in short positions wiped out across major tokens like Bitcoin and Solana, accelerating the upward price spiral.
-Active Token Burn Proposals: The network is gearing up for its first on-chain governance votes beginning August 22. Traders are closely watching proposals aimed at reducing token supply, accelerating disinflation, and introducing resource-based fees that could boost daily SOL burns from 650 to up to 9,000 coins.
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