Solana Price Slump Continues, Potential $60 Target Looms
Solana (SOL) price has been on a downward trend over the past month, declining by 10% following a breakdown from crucial trend line support. The cryptocurrency is currently trading near $73 and remains below both its 100-day SMA at $78.06 and 200-day SMA at $84.71.
The bearish descending channel pattern on Solana's daily timeframe suggests a probable test of $68 support, with the $60 threshold also becoming relevant if lower supports fail to hold. The market appetite for SOL via ETF products has remained subdued, with July witnessing only $14.6 million in net inflows.
Notwithstanding lackluster price performance, Solana's underlying fundamentals remain robust, according to cryptocurrency analyst Nebraskangooner. He highlighted that July represented an exceptional month, with Solana applications generating $82.9 million in revenue, the strongest showing since February.