Solana Price Struggles Continue Amid Improving Network Fundamentals

Solana's price has been struggling for 10 consecutive months, leaving investors who bought near $250 at a loss. The cryptocurrency's price now sits at around $60, which is being viewed as a critical support level by analysts.

Despite the bearish trend in Solana's price, its network fundamentals are improving. A recent upgrade to the network, SIMD-0286, increased compute limits and reduced transaction fees by 30%. This upgrade has been accompanied by stronger on-chain activity, with transaction volume hitting a four-month high in July.

Analysts note that Solana is forming a bullish technical pattern similar to past rallies. With Bitcoin's historically weak August-September period approaching, some analysts believe that a shift of capital into altcoins like Solana could trigger a price recovery soon.