Solana Price Soars as Catalysts Align
The Solana price has been on a tear lately, and it's not showing any signs of slowing down. In August, SOL token soared to a high of $110, up sharply from its year-to-date low of $60. This rebound may continue in the foreseeable future as some major catalysts align.
The daily timeframe chart reveals that the SOL token has rebounded in the past few months and is now hovering at its highest level since January this year. It recently jumped above the important resistance level of $98.10, its highest point since May 11. Solana has already formed a golden cross pattern as the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other.
Solana ETF inflows have been increasing in recent weeks, with American investors continuing their accumulation phase. In August, these funds added $193 million in inflows, the biggest monthly increase since November last year. The total value locked in the DeFi industry is rising, reaching a high of $5.84 billion, the highest level since March 30.