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Crypto

Solana Breaks Downtrend as Validator Support and Institutional Adoption Boost Price

Guavy AI Editorial Team
Instruments
SOL
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Solana's price has broken its five-week downtrend, rising nearly 7% from its Aug. 7 low to $76.93 on Aug. 10.

The breakout pushed Solana above a descending channel that had controlled its price since early July and cleared the upper boundary of the channel near $75.

According to crypto analyst Dami-Defi, the same structural change was identified in an Aug. 10 post on X, stating that '$SOL just broke a five-week downtrend.'

The rally coincided with growing validator support for two proposals designed to reduce Solana's future supply growth.

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