Crypto
Solana Price Breaks Five-Week Downtrend, Targets $83
Solana's price broke out of a five-week descending channel on August 10, reaching an intraday high of $77.36 and climbing nearly 7% from its Aug. 7 low of $72.49.
The breakout was supported by the 4-hour Supertrend indicator flipping bullish at $75.02, and trading volume expanded during the move.
Liquidation clusters near $78, $80 could push Solana's price higher if buyers hold current levels.
Two governance proposals, SIMD-0550 and SIMD-0553, are adding attention to the network and could reduce SOL’s future supply growth if approved by Aug. 18.